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IN THIS CHAPTER

Getting copies of important documents before the deal is final

Helping existing tenants through the transition process

Sometime during the process of thinking about investing in residential rental property, you may have considered acquiring a property already occupied by tenants. Or maybe you just found out that your dear old Aunt Beatrice left you an occupied rental property in her will. On the surface, these opportunities seem to be positive because you don’t have to advertise and select tenants yourself — at least not right off the bat. But just how positive an experience you have taking over an occupied rental property depends on the quality of your tenants. Some real estate investors prefer to acquire vacant properties so they can renovate and upgrade the rental property and select their own tenants.

This chapter focuses on some of the important issues involved in taking over rental property, whether you’re purchasing a property or you’ve inadvertently become the proud owner of one. Here, you find out how to begin the all-important task of implementing your own policies and procedures with the existing tenants, who may be living under an entirely different set of rules. The proper procedures for taking over a rental property actually begin before you’re legally the new owner. Ensuring that your transition goes smoothly requires some know-how, and in this chapter, I give you exactly that.

For more information on rental property acquisitions, proper due-diligence steps, property inspections, and renegotiating the deal or seeking credits in escrow, plus ideas on how to hold title to your rental properties, check out Real Estate Investing For Dummies, 4th Edition, by Eric Tyson and myself (John Wiley & Sons, Inc.).