First time landlord; inherited tenants.

[Brad Franks]

I just closed on my first rental property yesterday, a duplex in a good location. Both units are currently rented. There’s no current lease, and the previous landlord was not managing the property at all. The rent currently is way too cheap. Currently $425 but should be $600 as is, and I plan to renovate each side as tenants move and raise rents to 700-850. $425 doesn’t revenge cover my mortgage, taxes, and insurance so they have to go up. I’m not sure the current tenants can afford the rent increase, at $600. I would appreciate any advice you may have for me. However, I specifically need some guidance on how to deal with inherited tenants. I need to get them in a lease, and raise rents to at least $550 just to break even. The one tenant has a couple dogs, which I really don’t want there. Should I take security deposits? First and last? I’m not sure how to handle the situation, I almost wish it were vacant. Please, any advice would be awesome! Thanks!

[Brad Franks]

@Kyle Mccaw thanks for taking the time to share advice with me! 👍🏻