Property for sale with a 2 year existing lease, help!

[Victoria Noska]

Hey BP peeps!

The property I want to purchase has one caveat - the previous owner has a lease with a tenant ending in 2020. I believe that the current rent is way too low/not being maximized and I would also like to update the unit. 

What can I do here? Am I able to increase the rent? Do existing lease agreements stay in affect when ownership changes hands?

Thank you SO much,

Victoria Noska