Closing On Our First Property! No Contracts in Place! Help :)

[Jennifer Baldassari]

Hey Bigger Pockets,

My husband and I are closing on our first rental property, a duplex.  The former owner was pretty much hands off and let the property manager run the show (to the ground).  Currently, both sides are occupied by tenants who do not have contracts in place.  Even if there were contracts place, you can be sure they'd be in violation of those some how, some way (it is that bad).

These will be super newbie questions, I hope you don't mind.

If there were contracts in place with the former owner, would these follow to the new owner or are we allowed to re-create what we want for now our property.

Since there are no contracts (unless something appears out of the blue in the next few weeks), does this allow us the freedom to write up our own contract, submit to the tenants and if they don't sign (which I'm sure they won't), how long before they must leave?

We are in Illinois.

We don't necessarily want them out for cash flow/capital improvements needing done.  We would just like one side to get rid of their 5 pets (who all piss inside the house and do not go outside) and the other side to stop housing a multitude of people who are causing issue around the place and start paying their rent!  These are just a few things going wrong with the tenants...

The upside to all this... we are getting the property for a song. It's the only rundown property in a beautiful historic district.  The current rents are well below market.  There is only UP from here!

Please let me know where you would begin with all this!

Thank you!

Jennifer