Purchasing a property with long term tenants- Pros/Cons?

[Vinny Thong]

I'm looking to tap into the Philly Real Estate market and was researching some properties. There were a few properties that have long term tenants that are active. I was curious if there were some pros/cons with purchasing a property that already has tenants? 

Some pros/cons I thought of:

Pros: Positive cashflow, no looking for tenants

Cons: they could be bad tenants, rent isn't paid on time, assuming a long term lease has been signed - can't evict them and rent could be under market value based area

Any other thoughts?