16 unit could turn out horrible or it could turn out great......

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I'm currently in the process of purchasing a 16 unit property (8 duplexes) for $455,000. It will eventually be excellent cash flow BUT I have some major concerns that I'd like to get opinions on from others with similar experiences. My main concern is that all 16 units are currently occupied and being rented on a month to month basis for $250-$285 which is half of the market average. Some of the tenants have been living there for over 20 years (1 over 30.) The units could EASILY be rented for $550-$600 even without the minor upgrades and central heat/air units that I'm going to install (all of them currently have AC and gas heaters.) The owners have never wanted to make waves with the tenants so they've never confronted them about raising the rent. So my concern is raising the rent on these tenants and them revolting, destroying the property on their way out, and/or just refusing to leave resulting in me having to deal with costly evictions. With this being the biggest deal that I've participated in so far, I am very nervous about the possibility of disaster. I could initially maintain a month to month lease and gradually raise the rent (beginning with $300 per month) while I do the improvements to lessen the blow of higher rent. Then as (if) the current tenants decide to leave I could start the new tenants on my 12 month lease with the higher rent rate.

What is the possibility for disaster in this scenario? Would you walk away and avoid the headache? Or push through the tough time to reach the other side of excellent cash flow?

Please note that I put in my original offer to have an opportunity to speak with the existing tenants about the new lease and rent rate prior to closing. The sellers countered with "absolutely not, you must wait until the deal is final." Which I understand from their perspective.