Tenant already in place

[Tim Vallee]

I purchased a property from my dad 2 1/2 years ago. The tenant had already lived in the property about 8 years prior to my purchase. I have had to fix a few things but tenant pays every month, on time. My dad did not have a lease and I haven't initiated a lease either. The tenant has always had big dogs and it has been suggested to require he obtain dog insurance. 

Should I (after 2 1/2 years) have my tenant sign a 1-3 year lease and require him to get renters or dog insurance. If so who should I recommend to him and how much will it cost him. Or will this rock of the boat make a good renter go away? Any input from the BP world would be appreciated. Thanks 

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