Any tips for a new landlord?

[Bryan M.]

Hi All - 

I've been an investor for a few years with 6 flips under my belt but I'm moving to a buy and hold strategy due to flips becoming less profitable in my area. I'm closing on my first duplex in a few weeks and was hoping I could get some tips that may help me avoid any mistakes regarding tenants. One unit is occupied and the other is vacant.

 - What records should I be requesting from the current management company?

- The current tenant is on a month to month at well below market rate. They're at $550/month when they should be at $650 at least. They're good long term tenants. Should I increase them gradually or just go straight for the $650?

- Other than a new lease, what else do you provide the existing tenant? I was thinking of sending them a welcome packet to start off on the right foot.

- Got any other tips??

I've posted a couple times recently and really appreciate the advice the forums have offered, so thank you for your time and insight!