Absentee Landlords need guidance

[Kevin Lindahl]

Hi all. Newb here! My wife and I purchased our first investment property in MI.  It’s a small duplex in Hastings, MI.  We closed last week and are going to talk to current tenants this afternoon. Curious if other members can lend any advise.  We plan on asking for a 1 year lease and want to increase the under market rent they’re currently paying. We thought we’d advise them today that we plan on doing so 3/1/21. Is that enough time “legally”? Also, we’re unable to personally meet them until around the end of next month. We had planned on doing an inspection checklist with them then. Should we have them both do so now and we “verify” their findings when we visit?  We plan on managing the property ourselves since it’s just 2 units and we don’t really have “room” in our budget for professional property management. (After rent increases we’ll be at 6.74% Cap Rate and 11.5% cash on cash.)  ANY other thoughts, recommendations,etc. are greatly appreciated. Thank you