New Landlord Logistics Question

[Dennis Li]

Hi All! I'm in the process of completing my FIRST ever investment property transaction, very pumped that I will soon accomplish my goal for 2017, and join you fellow investors! A little bit background of what I am dealing with: I'm closing out this 5 units property with cash out refi, and expecting to close in a month or so. At the same time, all the units currently occupied, either by TAW or leased tenants. However, for leased tenants, their lease are all up in January. In this case, what should I do in terms of lease renewal since I won't be the owner till almost December which may be too late? Also, I may move in one of those TAW unit, would a 30 days notice suffice?

Secondly, at the time that I'm taking over the units, what sort of info I need from the seller to ensure a smooth operation? And what kind of insurance are recommended/ required for it? I'm a total newbie at this so any input will be appreciated!