Inherited Tenants, New Property

[Guy Thomas]

Closing on a 4 Family this week. When inheriting tenants do you make them sign a new lease or continue with the current lease in place? they have all been there several years and on month to month now. I'm ok with month to month, but I also need to raise rent to current market value, add in late fees, set up auto pay, etc. What is the best way to approach this?