3 Units MM Leases + $0 Sec Deposits

[Katie Babbitt]

I'm interested in purchasing 3 units of a 6 unit building in the SW burbs of Chicago. All 3 units are occupied with month to month leases and $0 security deposits. Rents are below market for the area. Would it be best to have the units vacated prior to closing or should I attempt to collect security deposits and get all 3 units on 12 month leases? If it's the latter when can that process start? Assuming not until after closing?