Offer accepted, but I have a question or two. Please help!

[Heidi Kenefick]

Found a property on the MLS in a desirable neighborhood, with great schools. It's part of an estate sale and has a second smaller property on the same land that has a tenet on a month to month lease. The house needs to be updated, but looks like it is in good shape for how old it is. I plan to make it a live in flip, as I'm currently renting and by moving in will greatly lower my monthly expenses while earning a little on the side from the cottage.

What paperwork do I need to be done to make sure that everything with the tenet is in order, ie deposits etc? Can I give him a new lease to sign and raise the rent? He is currently on a month to month lease at $350 a month, which is so far below market it might as well be free. Would you use the same lawyer for that as the lawyer that is doing the closing? I’ve never taken over a property with a tenet in it, and I don’t know what I don’t know and don’t want to get bit in the *** later, so I appreciate any and all advice! Thanks!