Inheriting a tenant

[Matt Slease]

So it looks like my offer was accepted on my first rental property!

The property already has a tenant in place that’s been there for 8 years and pays on time, keeps the place decent.

I’d like to keep the tenant and he’d like to stay... I guess I’m not sure where I start with this?

Do I go month to month for the first few months to see how it goes and then go for the 1 or 2 year lease?

The rent is probably slightly under market value for the neighborhood and condition, but it still cash flows alright for what I need.

What would you guys (and gals) do?