Acquiring property with tenants in place

[Sheena Lee]

I am about to acquire a triplex that is fully rented until next year. I’m taking over the leases and need some advice on next steps. After closing, I’m thinking of scheduling to meet each tenant and go over their lease, their experience, and my expectations. Am I able to institute new policies such as no smoking indoors, snow removal, restrictions on pets? Or would this have to wait until the lease expires? Must we continue the leases as is, or do we create new leases, since the original ones were signed by the previous owner? Any other advice? This is my first time acquiring a property with tenants in place. Thanks in advance!