Apartment To Condo Question
Hello,
I have a big decision to make, I am scheduled to sign a contract on an apartment turning condo soon. The catch is, until then I am not able to find out any information on the current tenants with whom I will be landlord to for up to one year. I do not know how much rent is being payed now. The apartment is a 3/2 in the suburbs for about 225k and maint of 250 per month. It is an "as is" deal and you adopt the tenants. Not sure if I should make this move. What information should I know before I enter into contract.
Even an as-is deal should give you some time for due diligence. You have to know about the tenants, you are liable if they have criminal backgrounds and then commit a crime on your property. And you have to know the rent. When information is Hidden......something is wrong. Just my opinion, but I would be cautious.