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Updated over 11 years ago,
What are the actions items needed when inheriting tenants?
The good news is I'm getting very close to closing my first multifamily property but the bad news is I woke up this morning thinking about my inexperience regarding the differences between leasing a SFH versus inheriting existing tenants currently in the complex. I know the existing leases must remain in place until their expiration dates but I imagine I need to provide the existing tenants a "change of ownership" form, provide new mgmt contact info, provide new rules regarding repairs and policies, etc. Admittedly, I have yet to do a thorough search on what the action items may be but I don't remember any advice specific to this scenario in any of the REI books I've read. Please point me toward a good book or other resource that covers this topic. Additionally, any first hand knowledge that can be shared is even better. Thanks in advance for everyone's help.
-Marshall