About to close on an occupied duplex, any advice?

[Ian Oxender]

About to close on my first rental property! I'm 3 days away from closing on an occupied duplex and plan on honoring the current lease of the tenants, who appear to be good tenants that take care of the property and pay on time (according the previous landlord). 1)Do I ask for a security deposit or will the current landlord transfer the existing deposit to me? 2) One of the units is currently rented at $125-$150/month below market value because the tenant mows the lawn and does snow removal, any advice for raising rent on the new lease without risking losing the tenant? Do you negotiate rent, send them a copy of a new lease with higher rent and risk them moving, etc. 3) I often her of late payments, but am I allowed to structure a lease that offers positive pay incentive? (example rent is going to be $800 but if you pay by the first of the month it's $700) 4) What is the easiest way to have them pay rent? I'm leaning toward an electronic deposit if anyone has any suggestions on how to do that. Any other tips for someone about to make their first investment would be greatly appreciated!