Just Closed - What to do with lease on existing tenant?

[Daljit Singh]

Hi BP, 

I just closed on my first property last week! A duplex in Union, I'll be house hacking this property and living in one of the units. 

There is a tenant that I'm inheriting from the previous landlord. During the purchase process, I was provided with the current lease and rent roll. The tenant has been there since Jan 1, 2020 and I have pay statements showing that he has been paying on time. I will be keeping the tenant. 

He is currently living in the top unit, a 1 bedroom 1 bath apartment paying around $1400 a month. His current lease from the previous landlord is a month to month lease with at least 45 days notice to vacate. 

Prior to this current lease, he was previously on a 1 year lease. The landlord gave him the option to renew another 1 year lease at the same rent or renew on a month to month lease at a higher rent. He opted for the month to month option. 

As the new landlord, what should I be doing after moving into the property? Should I be providing him with a new lease with new lease terms? Where would I get the new lease? I would like to increase rent to $1500 as this is closer to market value. What would be the best method for collecting rent at the start of the month (should I use software or Zelle)? He's was previously paying with money orders to the previous landlord.

Thanks in advance!