Under contract on fully occupied duplex, under market value rent

[Brenden Nelson]

I have two tenants living in the home. I’ll have to move one of the tenants out the building so me and my wife can live there. Both of the tenants want to stay. Both are renting at $600 on month to month leases. The market value is around 950-1000. Do I tell the tenant that I’m looking to keep, that I’m looking to do property improvements (which I am) and the rent will go up gradually to market value, or just move both tenants out, do the renovations and then find new tenants ?