New Owner and New Lease documents

[Vishal Amin]

Hi BR community,

I am taking over a property with tenants already living in the units. The current owner only has a standard lease agreement, which seems very basic. I am thinking of having the tenant that is month to month sign a new lease with increased rent as the current rent is under market.

What kind of documents should I include on the lease, Does any one have any templates? I have downloaded the templates that Bigger Pockets offers, but I also wanted to explore my options.

Also, What is a MUST to have on your lease? Do you recommend the tenants have renters insurance if they are section 8 tenants.