Closing on 5 unit property

[Jerry Johnson]

in the process of closing on a 5 unit. 4 of the units are occupied and have been for multiple years. The owner is a older gentleman and he took care of these tenants. I of the tenants be living there for over 12 years and another for 8 years.  So the rent is really low and should be up in the $700 +

how do i go about raising rent? some small upgrades are needed. The 5th unit need some TLC with great potential. 

just need some guidance on how and when to raise the rent step by step so I'm exceeding the process of getting good cash flow long term. I figure this process will take some time.. 

Please advise, Thank you.

[Deanna Bennett]

Are you in a location that will attract another good renter easily or will you face a long vacancy if the current renters move out? A good location with a desirable rental means that you could raise the rates more aggressively and if the current tenant moves out you would be able to get to market immediately with new tenants. However, if you are concerned with the time it would take to fill a vacancy, you will want to move slower and raise rates more conservatively.