Newbie from Rhode Island

[Mike Bruno]

Hi, my name is Mike Bruno.  I currently am an Investment Consultant.  During my talks with clients I kept on experiencing a recurring theme.  My clients who are real estate investors are all successful, very enthusiastic about talking about, answering questions about real estate, and are eager to share their learning experiences.  I am closing on my first four unit rental property later this month.  Needless to say I am very excited and at the same time a little nervous. My immediate need/questions are around what are the best practices as soon as I sign on the dotted line and receive the keys to the property?  Is there a checklist of sorts?  I believe I should meet with the tenants, introduce myself, explain my honest intentions.  Should I also act like I am renting out the apartments for the first time?  Meaning do a walkthrough with renters as a base point for condition of property?  Should I also have them fill out an application so I have all their personal information on my forms and filed?  Lastly, what about rental agreements can the existing owner rental agreements with tenants suffice or should I execute new ones?  Any an all help is greatly appreciated.