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I STRONGLY suggest you read in detail the rent/eviction/code enforcement ordinances/laws in L.A. rent control areas and fully understand them ALL before you make this purchase! Restricting the rent increases is probably the LESSER of the many many evils in the L.A. rent/eviction/code enforcement ordinances. You can't raise the rent at all just because you are taking over as a new owner. The rents can only be raised ONCE every 12 months at a rate that is CURRENTLY at 3%. If the previous owner raised in last twelve months, you must wait until a full twelve months have gone by, check what the approved rate is at that time and only raise by that amount. But again..the rent restrictions are the LEAST impacts of the overall government fiasco in L.A. that affects rental properties. You'd best REALLY understand ALL of the laws before diving in..everything from registration, inspection fees/actions, REIP program (acronym might be different spelling), having to PAY huge sums to evict tenants and only allowed IF one of the approved reasons, etc. Visit LAHD and read everything..then see if you still wish to buy a rent controlled property in L.A. If you still choose to...all I can say (smile) is..umm...GOOD LUCK!
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