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Updated over 5 years ago,
New to land lording and having troubles with my first purchase
I put in a bid on my first investment property but I am not quite sure how this works as I am obviously new to it. This is a 4 plex unit that is fairly nice with a little work that needs to be put into each one of the units. I would like 3 out of the 4 units to be empty upon me taking over the unit so that I can perform this work and also due to the loan I need to reside in the unit for 1 year.
Currently, 1 unit is vacant and the other 2 that I want to be vacant need a lot of work and let's just say that the tenants are not taking care of the place the way that I would like my investment to be taken care of.
I put my first bid in and it was rejected with no counteroffer. Their agent finally told us that it is due to us wanting 3 out of 4 of the units empty at the time I take over. What are my options in this situation? Am I legally obligated to uphold the current owner/tenant agreements in a 4-plex?