Raising Rent on Newly Purchased Property with Existing Tenant

[Vince Rosario]

What is the procedure in this scenario?: I'm closing soon on a duplex with one existing tenant. The rent for this particular unit, according to my research, is severely below market. I want to raise it by $250. What is the procedure for this? By law, do I need to give the tenant at least 30 days notice? Do I terminate their existing month-to-month rental agreement on the day I get the keys and put into effect my new rental agreement with the rent increase? I'm not too concerned with vacancy because this particular rental market is pretty hot right now. I filled the other unit pretty quickly. Any thoughts you can share will be greatly appreciated!