New Landlord Questions

[Moni Charles]

Hi I just bought my second property and first rental back in December. It’s a duplex with tenants on both sides, here in Florida. I took over the current lease and left it in place, but the leases are set to expire July 31st. 

1) The tenants are okay but I would like to raise the rent to market value. (From 550 to 850)
2) I would also like to begin renovating (floors, paint, cabinetry) 

I was thinking of notifying them of both and letting them stay if they are willing to deal with the Reno and can prove they make 3x rent.

Is this a good idea? What’s the best way to word it? Should I just end the lease? They have been there for about 5-7 years so I was trying to avoid forcing them out.