Month-to-Month Tenants, what would you do?

[Devon L.]

Hi guys, 

I went to look at my first rental property yesterday in CT. I sat with my RE agent and we looked at the MLS and saw that of the three units listed (all 2bdrms), only the first two floors were rented, on a month-to-month lease for $650 each. I would say that by looking at the MLS $650 is the average rental price in this area with the high-end being around $1,100 for a nicely renovated 2 bedroom unit with all the bells and whistles. If I were to purchase the property I would want to increase the rents as follows, $850 (first floor), $775 (2nd flr), and $700 (3rd flr). Should I stipulate in the contract that I want the current renters out and start from scratch? Or see if they'll agree to the new rent terms with a 6 month lease? I don't want a month-to-month and I also don't want to deal with problem tenants for a whole year. What would you do BP members?