New Landlord Raising Rents

[Raymond Hill]

Hello BP Family,

So I finally closed on the woonsocket property. Realizing the seller was not 100% honest on the maintenance aspect and the rent in the 1st floor. In particular, the rent for the 1st unit was listed for $895 and the tenant showed the history that she's been consistently paying $825. The 3rd unit tenant is a smoker, smokes inside the unit and pays $720 and the 2nd unit tenant is paying $995. 

Luckily, my partner and I long term plan is to keep the property for our retirement so this isn't our get rich quick idea. I am looking to increase rents in the units around March and April and need help drafting up a lease agreement and house rules as well. Any advice on raising the rents and keeping the tenants happy?

[Account Closed]

You are better off starting fresh by giving out 30 day notices.  More often than not inherited tenants with used to the old landlord's way of operating will not end well.