If so, is the increase a lot or is it negligible?

As the economy and consumer confidence continues to improve, rates will increase. 

@Joshua Penners  If the tenants have signed previous leases and had uninterrupted occupancy of the property and continue to pay rent per the terms of the previous lease and their actions are consistent with the previous lease terms (for instance you have a $50 late fee in a previous  ease and they pay that now even though technically there is no new signed lease) then just about any court will deem them to still be subject to the terms of the lease signed or not .

My thought process being that using a balloon payment that is amortized over 30 years will greatly increase my cash flow without crippling my capital and ability to invest in another property. 

I have a auto body shop that is located in a D class residential area, it was own by my grandfather, he is getting up in age and he is passing it to me. he hasn't done body work in years, he just have been renting the place out to some guys he know for like $220 a month. the utility are still in his name also. my whole idea is to come in, change things around, do the proper things, have a actually lease agreement written out for the tenants, with the new rate increase and rules, there wont be anymore of the late rent payments, there will be a late penalty, the utility will be in the tenants names,I plan to put a security system on the property, I'm new to all of this , its my first property I'm open to advice, suggestions, ideas on what I should do.

I feel like long term the Hudson County area properties will continue to appreciate as demand gets pushed here from an increasingly expensive New York market.Are there any experienced real estate investor's with their brokerage license that can sit down with me discuss my options moving forward. 

[Once the world says "peace, peace", won't banks (suspiciously) find reasons to increase rates?] 

With $200 a month in rent (just used a high number to account for future increases in rent) if you rented it out, it'd take about 10-12 years or so to match that 30k.3) Have a meeting with your realtor and discuss your displeasure with his strategy.

Sounds like a good opportunity to increase cash flow there.   

I have spent about 75K on my real estate education which has increased my net worth by roughly half a million dollars in just over two years.