We are also sponsoring an event in March to address what changes or adjustments to our financial/business plans should be implemented.

Am I able to adjust (increase to current market value) the current tenants rent even though a contract is already in place with the previous owner? 

Use keyword rich content when crafting your descriptions.Check out what other people are renting their places out for on Airbnb and compare it to yours and adjust pricing accordingly.

I'm an investor in Massachusetts and I'm curious if there's a creative way to set up the landlord/tenant account that holds the tenant's security and last months rent deposits in such a way that the annual accrued interest can be paid to the tenant automatically...As of right now I'm required to manually send a check to each one of my tenants on their year anniversary.

In order to get the cooperation from the owner you will very likely be asked to make an offer-do so subject to financials and inspection you can always adjust the numbers depending on what you discover.

Thanks,  @Carl Hebert, I'll make the adjustments.

@Chris Watson, Since your basis both adjusted and depreciable carry forward in a 1031 you will be able to take advantage of whatever depreciable basis is left as long as your purchase of depreciable property supports that number.   

Adjustable, callable, balloons, rates over 5% and bothering you every year for your financials.You can say low-levered property drifts into 'negative cash flow' in theory below 40% LTV, but the reality is the opposite.

I'm going to adjust my offer to absorb those closing costs. 

ARM loans, unless you pay a ton extra every month so that when it adjusts its not a shock, I would stay away.