Inheriting tenants, no security deposits

[Russell W.]

I'm about to close on a small multifamily building with 3 tenants, each of which have re-signed for a year. The previous owner charged a move in fee, did not collect a security deposit.

Is it possible (or recommended) to collect a security deposit from these current tenants once I take ownership? Or would this require a new lease to be signed? I imagine I would have to do a walk through with each tenant to document the current condition of the unit so we have something to compare to upon move out.  Thanks for the help