Inherited tenants

[Shanequa J.]

I have 2 rentals under contract with paying tenants. They are month to month with the current owner. The rent is $150-200 under market, but it needs updating and small repairs. Should I give a vacate notice to 1 tenant, fix it up, and increase rent with a new renterm Then do the same with the second tenant. Or should I continue to let them stay there at the current price without doing any updating/repairs and wait until they decide to move? 

The second option sure would be the easiest.