Buying property with tenants who never signed a lease...

[Jessica M.]

Hello!  I am in the process of buying a triplex that is 100% occupied.  None of the tenants had to put down a deposit or sign a lease (one tenant has been there 25+ years.)  Thanks to this site I found that we need the tenants to sign an Estoppel  agreement, but I'm afraid I may be missing something else.  I was also wondering if I am allowed to raise their rent and require a deposit since there are no current leases on file?  They are all paying well below market value for the rental units.

Thanks so much!!