Concerns about no lease for tenants

[Nikki Cuozzo]

Hello! I am in the process of purchasing a 3-family home. I am awaiting inspection in 2 days, however in the mean time I have been slowly acquiring information on the tenants who are currently occupying 2 of the 3 units. I was unaware (as a brand new and ignorant investor) that tenant lease and proof of rent documents should have been included in my contract agreement, which my agent and lawyer did not mention. I only had hearsay up until this point of what the rents were: 3rd floor $650, lease expires in June 2020, security deposit $1300: This is true and confirmed by a written lease that was sent to me. 2nd floor: tenant told me they pay $700/month, and take care of snow removal and lawn care (they have been there about 20 years). There is no written lease, and I have still not received rent receipts or proof of payment. The only details I have received on this 2nd floor unit are the following: 'month to month lease, $100 security deposit'. I have e-mailed my agent and lawyer requesting they get this information from the seller, or sellers lawyer as soon as possible. I am happy to present this tenant with a new lease once I take ownership, but my concern is that without proof of what he has been paying, I will not know what he is actually able to afford, which could lead into him not being able to pay, which has the potential for an eviction situation. I'm trying to avoid this within the first few months to get through winter, have additional income from the unit, and to have time to screen for new tenants, if he is not able or willing to stay with the rent price/details of my lease. It has been suggested that I present the current tenants with an estoppel agreement for them to fill out. I will be doing this, however I'm looking for additional suggestions and strategies of how to better handle and prevent immediate tenant issues with this current situation.

Thank you!