It This OK?
I was working with a seller on buying his properties before he moved out of the country. The deal fell through. Today, I had a tenant on the property call and say that she had her rent to pay. Since this happened 3 weeks ago no one contacted and told that there was a new owner of the property. My RE mentor told me to collect the rent pay the mortgage and keep the rest as a handling fee and not worry about anything else. Is this ok and can I get in trouble for doing this? Also, the tenant was told that I would be taking control of the property.
Thanks! 
The deal fell through? Does this mean you have no agreement in writing? I don't know what others will say, but I personally would not touch any of the money. Can you get in contact with the owner, or do you have permission to talk with the mortgage company? If not, then you might be stepping where you shouldn't if you take rent from the tenant. Just my two cents.
Yes, the deal fell through and there is nothing in writing. The owner is now living in Europe and there is no way to get a hold of him. Just wondering what everyone thinks.
Send a certified letter to all the tenants explaining that the deal fell through.
CYA. You do not want to be caught up in a future lawsuit claiming payments were sent to you.
Send a certified letter to all the tenants explaining that the deal fell through.
CYA. You do not want to be caught up in a future lawsuit claiming payments were sent to you.