Just did first deal in South Jersey and now do I need a new lease with the tenant?

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Hi, 

I recently purchased my first real estate rental property in SNJ!  The property belonged to my father and he bought a new house and was going to sell this house.  He's owned this house for over 20 years and has kept it in good condition.  I bought the house from him at MV (he listed it at 205K in 2013 and it didn't sell, i bought it for 190K) or maybe a very slight discount.    I helped him find a tenant in Feb 2015 and have a lease with that tenant, my dad as landlord, and myself as manager.  

Question 1 - 

Now that this property is owned by my wife, do i need to work up a new lease with the tenant or is the old lease with my father okay?

Question 2 - 

What is the proper way to transfer the security deposit to a new account?

Question 3 -

The insurance cost for this property as a primary residence for my dad was $550/yr, the landlord quote I got is 845/yr, is that too much of an increase or okay?  Should I shop around more?

Question 4 - 

Is this a good deal? 

Note, i bout this house mainly b/c my Dad has owned it for 20 years and I know its in good condition.  We put 25% down ($48K). 

Rent @ 1750/mo

PIT  - (1234.43)

10% Vacancy - (175)

10% Maint. - (175)

Cash Flow = $165/mo