Purchasing a Rental Property with Tenants in place.

[Marco Lopez]

I'll be closing this Tuesday on a property in Chicago in Hermosa neighborhood. It consists of a coach house in the back with 2 units and a store front. All 3 are currently occupied, the 2 residential units are currently on month to month leases. I understand that I'll be taking over the leases what paperwork should I ask the current owner for at the closing? Also does the current owner have to transfer the security deposits to me? If so where am I suppose to place those funds legally? Thank you very much. Any advice would be appreciated. (1st time posting here too so sorry if I did something wrong)