Buying a tenant-occupied property - not rent controlled!

[Calvin Kwan]

Hey Guys!

I saw a great piece of property over the weekend in a non rent-controlled part of the bay area.  There is a current tenant in the unit paying way below market rate.  If I were to purchase this property, how difficult would it be to raise the rent to market rate?  They are on a month-to-month lease.  Would it be as simple as providing 30 days notice?  I'm assuming I can only do this after I've closed escrow.

Thoughts?

Thanks,
Calvin