Tenant Lease on New Investment Purchase

[Judy Tagert]

I bought an investment property recently (May) w/ 4 apts. I got busy w/ renovating 1 building as it was empty and neglected to get new leases signed by tenants in other building. I have significantly improved the property as a pool is being done now in the courtyard, landscaping, fencing, etc. 1 tenant is month to month which i can raise the rent. The other tenant signed a lease w/ the previous owner which ends February 2018. Do I need to 'honor' her lease or can i raise the rent when i have her sign a new lease? I own several investment properties but have not had this situation arise before.