Rent increase to inherited tenants

[Bobby Balentine]

Good evening all.  

When purchasing a property that has tenants and you take possession on the 6th of the month, at what point do you notify the tenants of the increase in rent?  Tenants are currently on a month to month lease.  Should you offer them a choice of yearly lease, 6 months lease, or month to month, and if so, would you charge a different monthly total rent for each choice(ie yearly monthly rent $600, 6 months monthly rent $610, or month to month monthly rent $625?)

Thanks in advance for you thoughts!

[Tim Herman]

@Bobby Balentine what do the landlord tenant laws of your local jurisdiction say. Do they need a 30 day or 60 day notice. If you want them on a lease make the difference meaningful on the discount for a lease, more than the $25 per month you are asking.