How to transfer lease agreement & raise Rent. ( Ontario,Canada )

[Rafael R.]

I know its a little bit of a sticky time to be trying to raise rent, 

I just closed on my first residentel

Triplex two units are vacant one unit has a tenant, D class tenant paying way under market rent. 

My plan is renovate all three units, occupy one unit as primary residence  and rent the rest.

Unit with the tenant dated, dirty, and smells terrible.!  The current tenant is a friend of the previous Landlord and they had  "A deal worked out" the tenant is paying $675 all inclusive  when market rent is at least $850 plus utilities, currently on month to month. 

How to.

- Put a new lease agreement with new damage deposit, new rate plus utilities, and conditions 

or

- Evict  for full building Reno.  (if possible) although carrying the triplex entirely vacant is not ideal.

Thanks guys,

Anything helps.

Raf.