Q: Inherited rental property question
Just inherited an old rental property that has had a couple living there for decades. There is no current official contract, and we told the tenants we would keep the payment agreement that was set in place before former owners passed away. After recently visiting to make repairs, we discovered the house is in terrible shape and needs multiple repairs, which will cost more than the house is worth. (It is an old, small frame house). We feel the house could be unsafe, and need advice on what we should do as the brand new owners.
A: Has the property already been transferred to your name as owners? I would have the property inspected by a reputable home inspector. At the very least I would get a a comparative market analysis and/or appraisal to see if you can pull out any funds to make the necessary repairs. If you are considering ending the tenancy you would need to provide the tenants with the required notice.
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