Be light on the policies. But do raise their rents to market. You're young, so your experience level is low. But this is a good sized property to start with. Basically, if you collect your rents and you keep the property repaired, you'll do well.
get a copy of the current leases and see if you can work with those policies on a short term basis. At first just send an introduction letter with the new way to pay the monthly rent.
If they are on month to month, you can raise the rents, but tdo you want to have vacancies at this time of year? It depends on the location. You may want to wait until spring, that way you can also see which tenants pay on time and which are problematic.
Try not to be too demanding. This is where they live. They just need to pay te rent and take care of the properties. Don t try to intrude on their way of life and how they runt themselves.
Do everything in writing. Always.
In my opinion, if they continue to pay on time with the current lease, keep it going. Once they decide to move, or just stop paying, then NTV (notice to vacate) them, unit by unit.
With it being a low income area, it's hard to find tenants that not only won't destroy your place, but simply pay on time.
Don't come in like a dictator demanding higher rents and new policies, unless you get the current lease, and see that it's coming to an end shortly. However, most low income renters go month to month.
Landlording is 99% a mental game. Just because you are a new, young LL does not mean you need to look and act like one. You have done your homework, right? I want you to project an image that this is your 10th rental property, and that you have been LLing for YEARS. (In case someone asks, yes, you look young, but you started working for your uncle, the attorney, when you were 15. He has multiple properties and has been a great mentor! Get it?)
Get some business cards printed. Make a logo and letterhead on your computer. You may want to have a name pin made. Write your new owner letter on your letterhead, and after closing, hand deliver your letter with your business card to the tenants. This is just a brief first introduction. Tell them you will be meeting with them in the coming weeks to do a maintenance inspection and go over your rental agreement with them.
Have tenants sign YOUR rental agreement (printed with your logo/letterhead) with your rules during the maintenance inspection. Keep your month to month tenants on month to month. Keep the lease dates and rent the same for your tenants on leases. Rent and lease dates are all the tenants care about. Give notice of reasonable rent increase to your M2M tenants. Transition leased tenants to M2M as leases are due. Low income tenants tend to break leases anyway, so keep everyone on M2M.
Expect to have lots of maintenance requests, which you will do your best to attend to. As you enforce rules you will hear "Old LL never did it this way". I responded "Old LL was not making any money. That is why he sold the building". Expect the inherited tenants to test you. Tenants you screen and place will see you as the authority from the beginning. Follow the rental agreement and enforce all rules equally. Fair Housing requires this and it will make LL easier in the long run. Remember, the tenants all know and talk to each other. A pay or quit to one late payer will encourage timely rent payments from the entire building.
Be legal, be fair, be professional. Fake it till you make it. You will do fine. Remember me when you are rich and famous. I wish I had the guts and wisdom to start this at 22!
Study your state landlord tenant regulations, you can not operate a business without knowing the law.
Determine what type of lease they are on, M2M is preferred and go forward from there. First step is to raise their rents to market and clean house if necessary.
Inherited tenants will usually be a problem and over time will likely need to be replaced.
As for your age do not worry. Most tenants resent landlords in general. Make your business decisions and stick to them, business and money should always take priority.
I would add, remember they are not your friends, they are your tenants. Some will want to be buddies so that they can get different behavior, don't fall for it! Even if they are an attractive male/female don't get involved and set the tone!