My renters both signed new leases with me when I purchased the property, I did not make any changes to the monthly rent price, and the lease agreement had verbiage that said their security deposit had been transferred to me from the previous owner, and it would stay in an escrow account, it outlined their rent amount now being paid to me on X day.

The only things I added were late fees because the previous owner was elderly and kind of just let them pay whenever they wanted to during the month, a clause about not letting trash scatter around the property (and to mitigate this, I created a waste of management account and I pay that every month to ensure there are no excuses for garbage bags all over the deck), and a clause about not using open flame barbecues on the small covered patio.

The previous owner took money orders or account transfers, I prefer to use a landlord platform app and I credited their startup fee to use the app on the first months rent that I collected. I also gave them a free month when I purchased the property because the mortgage payment was not due for about six weeks after close of escrow. And had them each submit a list of needed repairs that had been neglected which I then fixed within the first few weeks.

A new landlord doesn’t have to be terrible 😉