Didn’t get a complete estoppel agreement

[Britt Placek]

Needing some expertise! Just bought our first place with inherited tenants. We got a very small estoppel agreement with the confirmed rent amount and that there was no deposit on a one pager. We have no information /background check/income/credit etc. from the seller. The yearly lease expires at the end of the month and we need to conduct a meeting on renewal.

How do we proceed for a renewal? Do we/and should we also require a they fill out a background check and credit check (and ask them to pay for it) even though it’s a renewal? TIA!