I can handle the basic stuff like paying the bills, but I do not have any knowledge on handling tenants, rent-stabilization laws, lease-renewals, collecting rent, etc.

I submit the rent increase notice 4 months in advance of the lease renewal.

The most common lease violation is non-payment of rent.For people that sell a property to someone that wants to live there, typically you non-renew the resident tenant. 

I decided to keep the Condo for now; will raise rent closer to market upon renewal for an additional $100. 

There is now lease agreement in place so, I tried to renew the lease agreement, with a raised rent.

Decline lease renewals for those that don't cooperate and make em move.

(Most of my renewals were 2 years but with rents increasing so fast we’ve pretty much stopped.after 2 years they could be facing a 30-50% rent increase. 10-15% per year is more palatable.)You can’t discriminate based on family.

You may may be able to convert in future renewals.

In that case I would start well before renewal, be upfront about the improvement, hassle, and higher rent coming, then have it done before they have to decide whether to renew.

Otherwise, non-renew them both.