Hi,
I just brought 2 flat and a basement for rent. I need to know the policy and procedure how to lease the new tenant and keep the current tenant. Look like the basement is not legally for rent because it does not have electric meter. Can I still have someone lease or rent the space?

Also, when the tenant rent the space, what information do we need from them. What kind of paper work do we need them to fill out? What do I have to check from them like credit, etc.. How do we know if that person is legal resident to rent the space? If they are the current tenant and I just took over, what information do I need from them?

I am very new to this process. Any information that would be greatly appreciate!

Thanks,
Sean

... Can I still have someone lease or rent the space?
You might want to check with the city building department on that question.

Also, when the tenant rent the space, what information do we need from them. What kind of paper work do we need them to fill out? What do I have to check from them like credit, etc..
You should have them fill out a rental application, giving references, last places they lived, where they work, etc. Then run a credit check on them. By all means have a written lease, and it would be well worth the money to have an attorney draft a lease form for you.

How do we know if that person is legal resident to rent the space?
What do you mean "legal resident"? I don't know it is necessary to be legally in this country to rent an apartment, but you might want to ask to see their drivers license, Social Security Card, and green card if they have one.

If they are the current tenant and I just took over, what information do I need from them?
Ask them to fill out the same application form you are asking the prospective new tenants to complete. When their lease expires, you can then consider whether to offer them a renewal.