inherited tenant to move out

[Bobby Balentine]

Hello BP friends. 

I am still new to this as this will be my first real estate rental purchase.  I am in the process of purchasing a triplex.  I have discovered that one of the tenants are looking to move out.  I do not know if it will be before or after I take possession.  I plan to make some upgrades when they move out.  When is the right time to search for a new tenant?  Thanks

[Theresa Harris]

Get a copy of their lease AND the deposits for all of the units.  If they move out after you take possession, you need to return the deposit (minus any cleaning fees and damages though the latter will be hard to prove as you don't know the move in condition).  Wait until they are out and the upgrades are done, before listing it for rent.  If it was just a matter of them moving out and no upgrades, you should start showing it sooner.  With the upgrades, make sure you don't go overboard.  Do they make sense in that they will reduce the amount of repairs, get higher rent/rent it faster/attracts a better tenant, or adds value to the property should you sell it.