First time landlord. Just signed contract for triplex.

[Josh Michel]

I'm a first time landlord and I just went to contract on a triplex yesterday.  I've been following the forums and podcasts for years and am finally taking action.  I however now have a boatload of questions.

1.  The sellers recently inherited the property and are just looking to turn it into cash.  The original owner did everything month to month with no leases.  NOW there are leases in place, they were signed to make the property marketable.  However, the leases don't mention security deposits.  I'm thinking I'm SOL on getting them, which is concerning, however the leases themselves don't mention them so I think I should be in the clear?  Is that accurate?

2.  When we close it will be around the 15th of the month.  The seller should provide the second half of the months rents correct?

3.  I believe the rents are under market.  However all 3 of the units have the same lease end date, what strategy do you think would be best for increasing them?  I'm worried about singling out one unit for an increase as they might talk to the other tenants, but I also don't want to end up in a situation where I'm filling multiple units at once.  These seem to be long term tenants.  They've painted the walls etc. (which also concerns me regarding the security deposits).

4. What are the biggest mistakes I'm likely to make and how should I avoid them?  What's the biggest learning curve with being a landlord?  What can I do to ease the transition?  I'll be self managing.