Purchasing a rental Condo with a month to month tenant

[Sergio Velazquez]

Hello Everyone

I would like to get your opinion on how to best handle an investment.

I am purchasing a Condo as an investment but there is an existing tenant who has been living in the condo for 5 years on a month to month basis not a contract. Another down side is that He is paying $700 and current rents goes from $800 to $850 a month.

What would you do in this case? And how to screen a tenant in this situation?

Thanks in advance for all the wisdom you provided.