New lease for inherited tenants

[James L dodd]

I will be closing on a duplex in December. I have inherited tenants with no leases. How should I start the process without scaring off the tenants. They pay about avg Rent they take dissent care off their units. I will be making upgrades and want to protect my asset. I do not know if it fair to have them pay a deposit for a new lease. Any suggestions would help. Thanks James

[Nathan Gesner]

Yes, they should sign a new lease. It should be a lease you are familiar with and that addresses your concerns.

Yes, they should be required to pay a deposit. If they do not have one, make them pay one (in full) on the day they sign the lease. If they refuse, they should move out so you can find a tenant that will pay.