Buying a Rental Property that has existing tenants

[Erica Quarles]

I am thinking about buying a rental property that is setup as two units. There are already tenants in both units and the listing says that they want to stay. How do I handle the transtion? Do I make them sign a new lease with me and should I do it at the day of settlement? Do I have to honor the lease that they had with the former owner? Should I run another background check and check references. Any suggestions or wisdom on this process is welcome.

Thanks
Erica