Taking over property with Tenants

[Benoy Varghese]

Hello, 

We just purchased a single family home that is currently leased to five college students. The lease is not up until May of 2025. Do I need to have them sign a new lease with my company name on it not changing any of the terms or do I just inform them on how to pay the rent? 

This is our second property but the first with long-term tenants. 

Thanks!