@Vic ReddyThey can try and negotiate but if they have substantial assets the lender is aware of it and will go after themI get the sense there is more to this story - for example in some jurisdictions they require older buildings to be updated by a specific date which is usually years in advance.

With some TLC and updates these units should be able to get at minimum $1,500.

My problem is the tax info not being updated and them just depositing into any account or not all for months.

"If someone were to rent out part of an existing dwelling unit in a way where members have limited rights to use the common spaces and don’t have access to the other rooms—for example using external locks to separate the home into different areas—that would constitute an illegal conversion,...You will also need to update your insurance policy.

Going to update the original post.

Updated subject: Damages after inherited tenants move outHi Folks,I bought a home a few months ago and the tenants I inherited are now moving out.

The water incident happened in July 2023 and wanted compensation for damaged shoes and clothes but no mention of any further water leak nor any mold, the first mention of mold was Mar 7th of this month and there is mold so I need to remediate since insurance i doubt would cover and the tenant doesn't have the means, lessons learned, will update my lease and make sure they all have renters insurance.

Please keep us updated.

Thanks for the update.

Just a quick update.