Buying my first rental with existing tenants

[Michael Karl]

I am currently in the process of buying a 3 unit rental in the Buffalo New York area.  All three units are currently rented.  One unit the tenant has only been there for 3 months and is currently under a 1 year lease.  But the other 2 units the tenants have been there over a year and are now on a month to month term.  After the purchase can I have the month to month tenants sign a 1 year lease?

[Account Closed]

@Michael Karl They would have to agree.  But, I would keep them as month-to-month for at least 6 months, in order to find out if you want to keep them a full year.  With month-to-month, you can just give them 30 days notice (check on that for NY in case the notice is longer).  

Another benefit to M2M contracts, is that you can change any rules, raise rent, etc., with just 30 days notice, normally.  I only used M2M agreements when I managed an apartment building in Silicon Valley.  The owner said he preferred them, and I became convinced they were the way to go the first time I wanted to get rid of a problem tenant.