How to treat this inherited tenant situation

[Jake Walroth]

So, I invest in near our local college.... however, I've never inherited non-student tenants before. This house makes a great college rental..: nice brick SFH with 7 bed, 3 bath, brick row home... love the house... we closed today... i own 3 other very similar buildings and know it should rent out for around 3-3.5k/mo.... here's the kicker, there's currently a family living in it paying just $1200/mo... it's a lower income family and they're have about 9 family members living there.

I know I won’t get students in there until June.... but I’ll  need to be able to start showing the property around Christmas-/ I usually have my units rented for the following school year before Christmas. 

I’ve never done this before, do I just notify them of a rent increase since they’re month to month? 

I don’t anticipate it being easy for a large family to find another suitable place in just 2 months... any suggestions on how to fairly handle this while still being able to accomplish my goals of having it ready to be viewed in just 4 months? 

The property doesn’t need rehab... other than whatever touch ups/cosmetic work needs to be done when they move ouT. 

Any and all advice much appreciated, 

Jake