Renting back after auction - Posted by DJR-Nv
Posted by DJR-Nv on June 14, 2000 at 23:53:14:
My wife and I recently purchased a condo at a trustee’s sale. We are planning to keep it as an investment property and rent it out. We will be able to refinance and still maintain a positive cashflow.
The previous owner has been living there for a number of years. As a result the place is in need of some cosmetic rehab; carpets, paint, touch up. The previous owner is elderly and has asked to stay on as a rent paying tenent. I’d just as soon rent it back to him as it will eliminate the need for me to go in and deal with rehabbing and finding a new tenant. Additionally, this arrangement will eliminate the need for me to put this guy out on the street which I’d just as soon not do if I don’t have to.
Here is my question: Are there any legal repercussions in renting this place back to the previous owner? Any advice in this matter would be greatly appreciated.
BTW: I live in Nevada and there is no redemption period here. Thank you in advance for helping me with this one.