If they have paid on time for the past year despite the owner not keeping up the property, they deserve a chance to as you say...step up.As a new owner, I would draw up a new lease (but keep their tenancey month-to-month) which covers all the basics and make sure when you have them sign...you emphasize issues you are concerned with...paying rent on time (rent due on the first of the month), reporting any maintenance issues to you, keeping property free of junk/trash and what ever.  

Do you plan to flip, rent, etc Since you're just starting off I would emphasize that you need to buy right...buy under market value to give yourself a cushion....Make $ the day you buy!

Emphasize to the tenants that if they help you out and keep the place nice for showings and cooperate on the showings that you will let them stop paying rent as soon as you get a new tenant.

I'm sure the BP Team is working on it, but just to emphasize that the 'Top Subject' algorithm doesn't make any sense, here is a post in the Construction & Remodeling Diaries forum by a first-time poster that has no votes.This user has only posted once to the Construction & Remodeling Diaries section and has a 'Top Subject' category listed as 'Flipping', whereas I have over 500 posts, 300+ votes (mostly on the Rehabbing & Flipping Forum, & yet I don't have a 'Top Subject' on my profile 🤔...Just saying, something's not quite right here...Okay, that's my last gripe on this subject! 

My graduation of college gave me enough points to do that with a business degree that emphasized real estate. 

@Garrett Kennedy I see you have a good comment above and I just want to emphasize a few points here:1.

The term "like-kind exchange" is often used to describe this process, emphasizing that the replacement property must be of the same nature, character, or class as the property being sold.Key Components of a 1031 Exchange:Identification Period:Once a property is sold, investors have 45 days to identify potential replacement properties.

I got a college business degree that emphasized in real estate.  

I can't emphasize enough how wise this is. 

I graduated from college with a business degree that was emphasized in real estate and I got a broker license license in 1980.