New Purchase -How do I Handle Existing Leases?

[Danielle J.]

Hi BP!! I've been out of the loop for a while; my mind has been so focused trying to secure my first home/rental property. So I am scheduled to close tomorrow on a 4plex in Cali. I am so happy I'm almost at the finish line... I never thought I would make to this point!!!

Ok down to business. The property has 2 existing tenants: one is on a month-to-month agreement and the other has a lease contract which expires in Feb 2015. My question is how do I handle there leases coming in as the new owner ? Do I need to write up completely new leases for both tenants with my contact information and rules?  It seems like a no brainer that a new lease will  need to be devleoped for the month-to-month tenant. Do I just give 30 days notice or can I immedieately update the month-to-month contract? 

 I am most confused on how to address the lease situation for the second tenant that is already still under a lease. In CA I am aware that I have to honor the terms of the lease until it expires such as rent amount,  however I need to know if I need to write up a new lease that at least has my name on it. Your guidance is much appreciated. #imsuchanewbie :)