Existing Tenants in a building I just purchased

[Jeff Boyle]

I just purchase a mixed-use building that has 3 retail spaces and 5 residential units in it. They are all occupied and the lady that owned it did not have any leases with any of the tenants. As of right now, the rents are severely under market rate. My question is how should I handle the existing tenants? Do I do background checks? Collect security deposits (she only had one security deposit and I now have it.) I am planning on adjusting the rents up over the next 18 months to 2 years because the tenants have all been in a long time and they pay on time. I am planning on having them all sign a new lease. Any additional suggestions??