Process for buying an property with Tennant in place.

[Kristopher Ames]

Hey BP! We are 14 days away from closing on our first long term rental! Property currently has Tennant in place with lease until June of 2022. My question is should we take over the current lease or draft our own? Any other tips for inheriting a tenant are appreciated!

[Kristopher Ames]

@Andy webb . This property is in Wisconsin and I believe you are correct that I am unable to rewrite the current lease. @Jim Cummings .I did get a signed document from the seller verifying the security deposit, the rent amount and that she is current on rent. I also received a copy of the lease which seemed very basic but had the terms, security deposit, rent, and states tenant is responsible for utilities, Lawn care/snow removal. I also agree that buying with a tenant in place is preferred. I will receive the security deposit and the remainder of the month's rent at closing and the property is cashflowing from day one! Thanks for the feedback!