12 unit rehab that’s fully occupied

[Andrew Cook]

Good afternoon BiggerPockets community! I have my first MFR in contract it is 12 units that currently rent way under market for the area, but in order to get the rents to the comps in the area I need to rehab the units. The building is fully occupied as of right now and my question is as the new owner if I become that; what would you recommend for rehabbing the units? Do I rehab the ones when the current tenants lease ends and rinse and repeat? Or is it even possible to try and do them all at once? As the new owner I would assume I have to fulfill the obligation of the previous owners agreement to the renter? Or as the new owner am I able to give current tenants a notice and select new tenants once rehab is complete to meet my criteria? I’m new to the whole MFR investing so apologize if these are pretty standard “dumb” questions thanks in advance!