Closing on a 4-plex, do I take these steps with current tenants?

[Brandon Blakley]

I am closing on a fourplex (my first rental property) in a week and I'm deciding what approach to take with the current tenants.

1. Two tenants have lived there several years on a month to month lease. Do you always move to your preferred lease and have them sign a new agreement at first opportunity after taking over a property?

2. I was unable to get a move in condition report so am unaware of what issues were caused by the current tenants (all units are in pretty good shape). Do I immediately have them and my self complete one and only hold them accountable to issues that arise after the updated report is completed? Or wait until current lease term ends and do it then?

3. Do you ask your tenants to write down their understanding of lease agreement terms and compare that to what you were informed by the seller? Ex. Who pays gas, who maintains lawn etc.? 

4.  Do you send the tenants a welcome letter informing them of your vision / terms etc. What is important to be on it? 

5. Are there any other needed steps or best practices for ensuring that the tenants and I are on the same page with all aspects of rental terms and expectations?  

Thanks!