Taking Over Tenants in Oakland

[Eric Chang]

Hi BP Community ! I am a first time landlord and bought a duplex in Oakland. Each unit already has 3-4 tenants in there, some on the existing lease and some not. There is one long term tenant who subleases to other friends etc. Each unit is generating ~$2500 in rent a month so close to market rate, but I think I could get $3000 a month.  I will aim to increase by the 2.3% each year, but want to think long term. 

So my questions are as follows: 

1. When will I be able to raise the rent, when all original tenants move out?
2. What happens when I buy the property in regards to the existing lease, can I change anything about it if they are month to month?
3. As I take over the lease and the tenants, what is the best strategy to ensure that I will be able to get to market? Should I have all existing tenants sign the lease or just have one of the longer tenants sign in hopes they move out and I can start with a clean slate?
4. What are the pros / cons of letting tenants sublease?

Thanks in advance!

Eric