Tenant occupied with no lease

[Jeffrey Lecroy]

I am thinking of purchasing a home from a friend in South Carolina . The property is occupied by a gentleman who has rented the property for many years . My friends mom owned the property until she passed . My friend acquired the property thru probate. He would like to cash out. I meet the renter he seems to be a very nice gentleman and maintains the property fairly well and has always paid on time  although about 150.oo per month below market. My concern and question is . There is no lease . Can I present a lease after I close on the property and can I put in the lease that the rent will increase by X amount every year ? Any advice or comments appreciated 

[Alan Salgado]

Part of your due diligence at this point would be to familiarize yourself with the state, county and or city Landlord/Tenant laws. This will give you the power to ask the right questions and understand each others rights. My thoughts are that you can always present a lease. But one approach would first be to introduce yourself to the tenant and have a conversation on how your costs are now higher than the previous owner and you need to bring rent up closer to market prices. $150 a month increase may not be possible for many folks on a structured income. However, there's a lot of value to place on a tenant that takes good care of the property and pays rent on time to cover that mortgage.