We file a copy of the letter with the lease document.As others mentioned, if you get an estoppel signed by the tenants, it is verification of the rent amount they are now paying.

Never, Never Ever skip the background check... had a prospective give me a song and dance about how they could not complete the background questions due to identity theft years ago and it hasn't cleared up...

My new projects are estimated to cost me $108.43/ft2 (building & land) and comp out at $145/ft2, which works nicely.Once I identity the right property, I then make sure that zoning supports duplexes and rental rates are within profit requirements.  

It seems like it would have been ideal to have been provided with a little bit more information on the tenants you were about to inherit, and I'm not sure how that would have worked with verification of current lease status? 

It is a part of my verification process that I do each time, to see how much the property is really worth.

If you take Chapter One of The Principles of Real Estate, you'll see that while real estate in different classes may be similar but no two parcels are identical.

It was crazy.In the end, it comes down to being able to support the purchase price with verifed closed sales. 

The differences in price for nearly identical houses just over or just inside the line can be staggering.

So you really have identical tenants here.

Some of the basics of a RLT are:- more thorough;- let’s you set up who will get what…when and how;- helps avoid probate and creates great privacy (assets and identities);- you get a trustee;- makes things much more efficient and cost effective;- can be changed during your lifetime, if and when necessary.Of course, I’m not a legal professional and one should be consulted, but this is what I’ve learned through my personal experience so far.