Duplex Near Baylor University - Tenants want to continue leasing

[Jerry Bankhead]

Hello I am Jerry currently living in Elgin Tx, but my hometown is in Mcgregor Tx. I recently had an offer accepted on a 4 bed 4 bath (each side) duplex 4 blocks from Baylor University. The duplex is currently 100% occupied by students. Their current lease is one year in length and ends in May 2017. They all have expressed desire to continue to lease for the next year - May 2018. 

This is all so new to me..

The current lease - Should it be nulled when we close and have the tenants fill out all new paperwork and new leases to cover until May 2017 when their current lease ends, or just honor the current lease until the end, Have new leases and applications ready to go so in May, all tenants sign new leases with us as new owners/landlords. 

Also, the security deposits that have been paid the current (soon to be previous) owners. The current owners are obligated to pass any/all security deposits collect onto us to hold until the end of the current lease right, since we will be closing on the sale prior to the end of the current lease ?    

Thanks in advance for all the help that i will constantly be asking for in the next couple of months while I begin this new adventure.

Jerry