Buying a property with tenants: Inheriting cashflow or problems?

[Zachary McDonough]

Stepping up my game to multifamily…

This 6 unit is rented in a decent area and has 5 rented and the owner occupying the 6th.

Here’s my objective. Buy the property with a conventional investment loan. Fix up the 6th unit and rent it closer to market rents. After different turnover, I’d like to do the same to the following units to raise the cashflow situation and commercially refi the property.

But as a new-ish landlord, what should I consider when inheriting tenants? Should I ditch them with cash for keys or celebrate that the property is already cash flowing?

Also, any tips when you purchasing a 6 unit built in 1973?

Thanks BP family!