Buying Class C Duplex with One Hold-Over Tenant

[Hilary Hageman]

Hey guys,

My husband and I are considering buying an add-value duplex that looks like it needs about $20K worth of work.  It needs all new siding and new floors as well as possibly a new roof and some concrete work on the porch.  Has new interior paint and renovated kitchens and bathrooms.

One of the units is currently occupied.  How do you handle major repairs with live-in tenants?  

How do you go about introducing yourself as the new landlord to the tenants?  I'm almost certain we will be raising the rent: how does this work?  I'm pretty sure they have a month-to-month lease at the moment.