The first investment, how do you transition existing tenants?

[John McKinnon]

The offer on our first investment property was accepted today, time to start thinking like a property manager!

 Its an older 3 unit property with tenants in the first two units and the third is partially remodeled/demo'd. The tenants appear to keep their units very clean and the property over all is clean in spite of the ongoing work the current owner has been doing. The current rents are pretty low, about 80% of the current market value. Its our intention to bring the property into good standing and bring the rents to market value. We should be closing in mid January and we'd rather not run the tenants out in the middle of winter by jacking rents.

With all that said, We have a plethora of questions. Hoping the BP community could share their incite and experience.

Whats the best way to take over managing a property where the rents are low and the current owners managing has been very "old school" and dated? We intend on using a variety of "service charges" to help manage the property. Late charges, pet charges, etc... Do you send out letters or meet in person? 

Do you come on soft and work towards your goal or start with the lease how you want it to look? 

Do you raise rents slowly over time or bring them where they should be from the start?

One thought of mine was to feel it out and have leases handed out in spring time so we are looking for new tenants at a better time if they decide to move on. Thoughts?

Im currently on chapter 5 of Land Lording on Autopilot. Im sure this topic will be covered well in the book, yet, I wanted to see how others handle these issues, local and abroad.