Under contract on occupied duplex, what next?

[Mike S]

This is our first deal that we've actually come to an agreement with a seller and we're in our inspection period. It's a 2 bed over 1 bed duplex that has been rented by a mother and daughter since March 1st of 2013.

The inspection of the structure is of no concern to me. I'm very experienced with buildings and I'm having some gutter issues and the roof examined by roofers.

Where I'm a little behind the curve is the tenants, their leases, and what to do from here. I did get a copy of their lease and it appears to be very thorough. I asked my agent for rent rolls and they have not appeared as of yet. I will be inquiring about them again. What else do I need?

I've read about estoppel letters. When do I do those, who signs them, and what exactly will be in there? I have to honor the lease in place anyway (which is fine), so do I just say that the tenants agree to the same terms?

What about security deposits and pro rated rent? Do I have to request those, especially the security deposit?

Like I said, this is our first deal ever so it's been a steep learning curve.

Thanks,

Mike