buying a property with existing tenants?

[A.J. Chesney]

How does this even work?  Do i have to honor the old lease until it is up for renewal?  Can I immediately change rules/rents?  What is the process for taking over the old lease?  Changing billing on utilities, etc?

Most of the bad things concerning tenants have happened from inheriting existing tenants when buying a property.

Any advice or experience on this issue would be greatly appreciated.

I'm currently looking at a duplex for sale with existing tenants, trying to learn the ins and outs of possibly dealing with that issue.

Thanks in advance.