Source: The New York Times —
Q: We are considering buying a tenant-occupied apartment in a condo. The tenant has lived there since August 2019, and the market-rate lease will expire in four months. The seller’s agent said they could deliver the apartment vacant, but that we’d have more leverage on the sale price if we kept the tenant. We visited the apartment and the tenant has kept everything clean and in good shape. We’re not in a rush to occupy the apartment and it would be nice to have some income in the interim. What are the pitfalls we should be aware of before we make this decision?