Extention of Term or New Lease

[Todd Rohn]

Hi everyone. My sister and I inherited my fathers rental. Neither of us have property management experience. Then tenant rented from my father for years. He has been a great tenant.  When we got the property we decided to self manage. This is the first time we will be renewing the lease with him. Is it better to do an extension of term of the lease or do a whole new lease? Thank you