Helps if you have a pre-existing relationship with them.

I am currently a student in college so taking on a mortgage at this time could become a financial burden if I don't find tenants somewhat quicly.I was wondering what advice anyone can offer me on the advantages/disadvantages of purchasing a rental property that has pre-existing tenants.

Lenders don't typically finance a purchase at 100%, unless you have a strong pre-existing relationship as others have mentioned.

Were the deck and surround sound your improvements or pre-existing?

@Ayodeji Kuponiyi - I would be happy to PM if this does not answer it, but starting here in case it is of any use to other readers - I found private financing in the following way: a little bit of luck, and my pre-existing network.

I recently purchased a building with pre-existing tenants on section 8 living in one of the units.

If you are doing a 506(b) offering, which is by far the most common, then you need to have a substantive pre-existing relationship with anyone who contributes capital to your deal.  

But if you have pre-existing relationships, you should leverage those.

An insurance company can deny a future claim if they can show that there was a pre-existing condition that you failed to address in a timely fashion.I think you indicated earlier that you really do not have the money just sitting around so that would be a different story.

If there were any pre-existing leins on the property (mortgage, home loan, etc.) then those will still exist.