Inherited Tenant with no Security or pet deposit

[CJ S.]

The reason why these deposits weren't collected is that the tenant is the owners friend. But since I will be taking over the property very soon should I collect payment for security deposit and pet deposit or not. What are your suggestions to go about this during these times. The other unit is currently vacant and will be rehabbed before we get another tenant in there. 

[Account Closed]

Yuck.

First would be what does your owner want? These monies are collected to protect that owner. If it was me, I'd advise the owner hiring me to manage that it's in their best interest to get/hold these security and pet deposits.

The question would then be "how." Rules for security deposits vary, so I'd definitely want to do some research. 

Worst case, April 2021 that lease expires you get them into a new updated lease. I wouldn't expect this would go over well, especially if the tenant is the owners "friend". I'd ask your owner if they'd rather a turnover or a deposit. Then go from there.