Inheriting tenants, rent is way under market, and no lease-Help!

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Hi BP Community!

This is my first forum post so I hope I'm doing this correctly.

My husband and I are closing on our first investment property on October 5th, a multifamily property with 4 units, one of which we will be living in.

The other 3 units are currently rented by people who have varying levels of relationships with the sellers, the rents are all way under market, and none of them have leases OR security deposits. We've been told that none of them have given notice, but because of the relationship with the sellers I'm concerned we may not be getting all of the information.

Given the timing, if we were to ask them all to leave they wouldn't vacate until Nov 1. Bringing us into the slow season for finding new tenants. 

We have the following two options, and would love your advice:

1. Keep tenants and raise rent marginally (+$25-$50 per month) while asking them to sign a 6-month lease, bringing us to Spring.

2. Plan to bring rent up to market pricing (+$200 per month) and ask them to sign a 1-year lease

Both risk us losing tenants that are currently in place, however if we are able to increase to market rents by Feb 1 with new quality tenants we could recoup the cost for the vacant months.

Again, we would love to hear your advice on pros, cons, and other options we may not be thinking of!

Thanks!!!