Sitting Tenants and No lease Agreements!

[Mike Alderton]

I am closing on my 1st Property Friday 3/18/22 and have already learned some hard lessons!   When making an offer on the property I was told by the seller that 2 units were long term and 1 was M2M.   Assuming that they had lease agreements I did not ask any other questions regarding their contract.   Now that we are going to the table tomorrow I ask to see the signed lease agreements in preparation for assuming responsibility of the agreements. I was told "I only have verbal agreements and everyone is M2M, I never saw a need for signed documents."    I understand that a verbal agreement is legal binding and I must still follow Ohio revised code BUT what is my 1st step of getting these tenants into a signed lease?   Must I present them with a lease agreement and wait 30 days for them to agree or disagree? Can I increase rent to market rent rates? Can I remove the tenants to make upgrades?  Any advise would be greatly appreciated.

3 Unit all 1bd / 1 ba   Each unit provides $450 / Mo

Tenants cover Utilities w. the exception of water / Sewer

Camden Ohio, Preble County