How & when to implement new lease at new property with tenant

[Christopher Leday]

Just purchase a tri-plex that currently has tenants on a month to month lease. One of the tenants is on housing. So, my questions are... When and how should I present my lease to rhe tenants. Besides that...the rent they are currently paying is way less than the going rental rates. The tenant that on housing is paying $600 a month for the 3br/1bth house...and the going rates exceed $750. What is the best options to increasing the rent especially with all of the updating and repairs that will be taking place