Generating Legal Documents for a Rental Business

[Ezra Richardson]

Hi all! I am brand new to the forums and have been thoroughly impressed with the amount of helpful advice floating around here. I'm leaving a few questions for anybody out here to chime in on. I am grateful for all help and input! 

My wife and I just purchased a Duplex and we intend to occupy one unit. The second unit is currently rented m2m and the former owners didn't get a deposit from the tenant. He isn't our ideal tenant and the rent is 15-20% lower than our target for the unit. 

If he would like to stay, we intend to allow it for now and arrange with the tenant to pay their security deposit in 10% increments. What kind of legal docs do you suggest generating in this case? Can it be built into a new lease agreement to simplify? 

Hopefully this isn't too complex and we can expand on the conversation for others benefit as well! Other questions I have I will create new posts. Thank you to all who read and comment :)