Hi @Bryan M. here are a few tips I have for you:
I would ask the current PM company to send you everything they have on that unit- Tenant application, lease, any violations, history of payment and repair requests.
- Inheriting tenants is challenging the majority of the time but they could be good tenants I think once you get the whole file from the PM company and you have a conversation with them you'll get a feel for the type of tenants they'll be. I would knock on the door and introduce yourself. I would raise it straight to the $650, you can justify that to them if you'll be making some repairs or beautifying the building maybe. Not saying it has to be justified but it helps them understand when you have a reason. Make sure you get their deposit transferred to you from the previous landlord or PM company.
- If you have any utilities that would place liens on your property if they aren't paid I'd make sure that's built into the rent price and make sure you pay for it. Any other ones I'd make them responsible for. For current or future tenants I always say I work with the owners or am only 1 of the owners. If you say you are the landlord you'll get all the sad stories, and when you have to deliver not so favorable news to tenants you can explain that's what the owners are asking for so you're never the "bad" guy.
Hope this helps.
Joe