Inheriting a long term tenant!

[Brad Parker]

Hi everyone,

I am currently planned to close on a rental property in southern Indiana and will inherit a long term tenant. This tenant has lived in the home for 10 years, and pays a VERY low amount in their monthly rent. 

I have a few specific questions and would greatly appreciate any advice or insights you can offer:

Tenant Communication: What's the best way to introduce myself to the current tenants and inform them about the change in property ownership? Are there any common pitfalls I should avoid during this process?

Understanding the Lease Agreements: There is no lease agreement currently in place, and the tenant is paying about $400 lower then current market rent. We have three offers for them, and I would like to present this information in the best way possible. How should I go about this? Is an email with all this information the best way to start? 

State-Specific Laws: What are some crucial state laws regarding tenants' rights and landlord responsibilities that I should be aware of? Are there any good resources or websites where I can learn more about these laws.

I'm eager to ensure a smooth transition for the tenants and to manage this property responsibly. Any tips, personal experiences, or resources you can share would be incredibly helpful.

Thank you in advance for your assistance!

Best regards, Bradley Parker