New to BP/ Adding new tenants

[Marcus Hendren]

Hey All,

Recently purchased a turnkey rental property. There are currently 5 students living at the house with leases through July '14. Prior to me purchasing the house, the previous landlord secured leases from 5 new tenants (co-signed by a tenant's parent) for August 2014 to July 2015. These tenants have already paid first month's rent and a security deposit. Within the house, there is a relatively unused 'dining room' that I want to convert into a 6th bedroom for the 2014/2015 school year. How do I go about doing this with the 5 new student leases already in place for this fall? Structure completely new leases or send out an addendum?