New Purchase -How do I Handle Existing Leases?

[Danielle J.]

Hi BP!! I've been out of the loop for a while; my mind has been so focused trying to secure my first home/rental property. So I am scheduled to close tomorrow on a 4plex in Cali. I am so happy I'm almost at the finish line... I never thought I would make to this point!!!

Ok down to business. The property has 2 existing tenants: one is on a month-to-month agreement and the other has a lease contract which expires in Feb 2015. My question is how do I handle there leases coming in as the new owner ? Do I need to write up completely new leases for both tenants with my contact information and rules?  It seems like a no brainer that a new lease will  need to be devleoped for the month-to-month tenant. Do I just give 30 days notice or can I immedieately update the month-to-month contract? 

 I am most confused on how to address the lease situation for the second tenant that is already still under a lease. In CA I am aware that I have to honor the terms of the lease until it expires such as rent amount,  however I need to know if I need to write up a new lease that at least has my name on it. Your guidance is much appreciated. #imsuchanewbie :)

[Danielle J.]

Thank you @Sean T. 

 It's a lot easier when you can start from scratch with brand new tenants. But you have to get in where you fit in and  shake things up when you come in as new owner with inherited tenants.