Rent Increase, New Owner, Existing Tenant

[Justin Weekley]

I'm buying a single family home with an existing tenant. She pays on time, keeps it clean, and has been in this house for several years. I need to increase the rent at least $300 to get close to market value rent prices. I will cash flow immediately but not much so would like to start increasing her rent asap. Can I get some advice on doing this? Should I start immediately? Do you recommend an increment to increase by? I'd hate to lose her as a tenant but I'm confident I can find another if needed. Thanks in advance!