how to handle inherited tenants??

[Brunno Goncalves]

I'm closing on a 4 family and have 3 units already rented on below market rents, and they are TAW. They are living there for quite some time. 2 of the units are occupied by the same people for over 2 years, and one for over 8 years. 

Looking for advice on how to go about this. I will need to increase rents, and I do want to get them under a lease and not TAW. 

Thanks in advance for any advice.