Hey guys sorry if this is the wrong forum, or if this has been posted before.I'm a recent college grad and I am looking at buying a condo, to owner occupy, and then rent out afterwards. i've found a building that's a couple doors down from where i am currently renting that is being transitioned from condo's to apartments, the building looks nice and well taken care of and I am only looking at getting one unit (it's price would put it far below what i would pay for rent for a one bed room in my area).
The problem is they have "protected tenants" in place. I was wondering if anyone knew if i could move the tentants out if i bought the place, or really what the law in general was for protected tenants (is there a difference between this and section 8?). The protected tenant is paying way below market rate (this is in a suburb of NYC so apartments are usually at least $1k per bedroom and the tentant is paying 400 a month, although this is somewhat covered in the cost of the apartment, so if i could get it for the price it's listed (and assuming condo fees aren't astronomical) I could easily see this being a nice place at a cheaper rent, before i eventually rent it out to someone else.
Thanks for your knowledge and again if this is posted or has been covered before sorry!
