Should they stay or should they go? Inheriting tenants?

[Christen G.]

What's everyone's opinion on inheriting tenants? I've heard a lot of strong opinions on "terminate immediately and start fresh." That's usually based around the theory that this way you can screen the tenants, gets rents to where they make sense for your deal, etc... N We're closing on a triplex and everyone is on month to month leases. I'd like to do some renovating in one unit specifically - should we just terminate and get on with it or issue a 12-mo lease with higher rents and give them the option to stay? Thanks!