interesting first potential property

[Justen Ashcraft]

I am interested in purchasing a condo as my first buy and hold property. I am sure I can get the financing and will have minimal trouble in the future if the property becomes vacant. The interesting thing is that the real estate company is posting that there is a tenant in place and is paying 750 per month. the condo is listed at 60k and is fairly close to my current home, approx. 15 minutes away. I would like to know what precautions I should take with the current renters. Would I need to have them fill out my lease agreement and my contracts? Would I need to ask for a security deposit? I feel that the current monthly rental rate is adequate, but raising it in the future would be difficult if the currents are accustomed to it.
Thank you for any advice.