I recently purchase a property and there are four month-month tenants with no leases in place. What is the best manner to approach this situation with the tenants to get them to sign leases? I would rather have the tenants agree to signing the lease than having to find others.

My idea was to allow the tenants two months or three to make a decision if they want to sign the lease or not, providing them with lease to review during the 2-3 month period (also planning on raising the rent slightly based on market rents being higher than their current monthly rate).