Be aware if you are taking over a house that is in foreclosure or an reo, don’t expect an empty house.Tenants have rights.
“Be aware of the Tenants at Foreclosure Act, a new federal law which provides tenants with month-to-month rental agreements the right to 90 days notice of eviction. Additionally, with limited exceptions, the law requires that new owners after foreclosure allow tenants with leases to continue occupying the property until the lease term expires. In cities with local “just cause” eviction protections, such as Los Angeles, Santa Monica, Oakland and San Francisco, most tenants are not legally required to move as a result of a foreclosure. ”
Some times cash for keys works but don’t take their word for it. Don’t close unless they are out. Keep inn mind if you have to evict, it is a minimum of 3 months to get them out.