Switch to a month to month lease?

[Nathan Estochen]

Hi all,

Currently in the process of acquiring my first investment property in Fitchburg, MA. It's not the best area and I want to position myself accordingly as to not be taken advantage of by troublesome tenants. 

All tenants are currently on annual leases. What are the pros/cons of switching to a month to month lease? Are there any laws in MA that prohibit me from not renewing a lease of a tenant that did not have any violations? Do I have to give notice to tenants that I do not intend to renew their lease next month?

How do you incorporate late fees on M2M leases? How do you structure security deposits and how do you account for the fact that you can't charge first/last months rent since it is not annual?

Any advice and information greatly appreciated!

Thanks,

Nate