Can (or should) I raise rents when inheriting tenants?

[Johnny Nelson]

About to close on a duplex, one side already rented. Can (or should) I raise the rent, practically speaking, and of course, legally? It’s several hundred below market value.

[Bruce Runn]

You have to honor the leases in place- they have a binding contract.  If you are going to raise several $100/month, I'd give them more notice than just 30 days just as you would like more than 30 days- it's the right thing to do.  I personally explain to people what the market rate it when I buy so they understand and can plan accordingly.  No down side to being a good human being.