Purchasing 5 family with under market rate rents

[Ryan Delauz]

I am purchasing a 5 family that has under market rents. One of the units will be empty and the other 4 units are being rented for $1,000 (3) and $900 (section 8). They should be on month to month lease when I take over the property. What would be the best way to increase the rents? Current market rent for 2 bd 1 ba is $1,400. Gradually increase it on them? Not renew their lease and rent it to someone else at market rate? Section 8 tenant? Go to housing authority and get them to increase it? Dont renew lease and get another section 8?