Purchasing a property with existing leases

[Frank Patterson]

New investor here. I have the opportunity to purchase a mixed use property. Business on the bottom and 2 apartments above. The property cash flows about 500 per month. My question is: when taking over a property with existing leases.

Am I required to honor the lease?

If not required, is it typically a good idea to do so, if lease is favorable?

I believe the rent is way undervalued for the business and residential.

I don't want to jump straight to an increase and run off existing tenants.

Thanks for your feedback.