It servers that purpose as we have never had a tenant get charged more than 1 time for lockout in the total duration of their rental and we have some long term tenants (we had one move out last year that we inherited that had total time in unit of 28 years - that is our record but we currently have two that are over 20 years).$150 for lockout is a fair rate for dropping things to let the tenant in. 

The basis carried over to you since it was gifted, not inherited.

You should consult your local landlord tenant laws to truly understand your rights and obligationsYour best option is to get month to month lease agreements drafted and give them to tenants the day you close, with your local version of 30 or 60 day notice. never give a long term agreement to tenants that you have inherited

There is no room for negotiations especially from inherited tenants.

I could preach about tenant screening, but my tenant was inherited, so I frankly didn't do any - but would if I had to get another.

We have had inherited tenants (renting under market value) get frustrated we are raising the rent, but when we tell them to shop around before providing a decision, they have always chosen to stay.

I also own a couple rentals that i grew up in/inherited so ive been dabbling in that arena for a few years also.

Is there any such info in the lease you inherited? 

Ok, here is a long story short. My grandmother bought into a piece of commercial property back in the mid 70's. It is an industrial building used by a plastic factory in LA, CA. The agreement was all done as a handsha...

I am sending out 130 hand-written yellow letters to absentee owners and tax-delinquent (multiple levels of motivation,) as well as approximately 500 handwritten notecards to individuals from inheritance, divorce, and a couple other lists (that I got from Listability.)