Inheriting Tenants

[Michael Attaway]

Hello all!

We are closing on a new duplex at the end of this month, and one of the units is currently occupied.  The tenants there are on a month to month lease and are paying a couple of hundred dollars below market rent in the area.  We would like to raise the rent to the market rate and get them on a 6 to 12 month lease.  Also, we like to do background checks, credit checks, income verifications, etc on all of our tenants, and we don't have that information on them.  I think they are a little worried about having new owners, and so, we may need to be very diplomatic in our handling of them.

Do any of you have any advice on dealing with preexisting tenants?  Thank you in advance!