Inheriting Tenants and increasing rents

[Cassidy Burns]

Hi BP,

I have been running into this question a lot as it seems that the location I am investing in most leases are month to month.  This particular duplex I am looking to purchase is fully occupied collecting rents at $475 and $450/month.  Both on month to month terms.  The purchase price is $74,000, and can easily rent for $520 & $575.  Tenants currently pay all utilities.  Can I raise these rents immediately?  Can I ask them to sign a longer term contract ?

How do I go about handing this?

Thanks!