When purchasing a multi-family home, there are few things you need to keep in mind.
(1) If you are purchasing with tenants that have leases: Get Copy of Lease, and get in writing any deposits made by the tenants.
(2) If the tenant has a month to month and you want to purchase the property without the tenants you must put that in writing in the “other conditions” part of your contract.
(3) Once you become the owner of the property, you can produce a new lease for your month to month tenants only. Tenant with leases have to complete the term before you can request a new lease.
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