If you plan to not renew the long term lease, but do decide to continue the month-to-month tenancy, start fresh with a new MTM rental agreement.

Do you want to issue dividends to your stockholders (you and your partner,) or do you want to use the cash to invest in fresh acquisitions? 

Renovation wise I would concentrate on the kitchen and the bathrooms tenants love nicer looking up to date kitchens newer knobs and faucets fresh pain and maybe even ceramic tile the floors if that is in your budget.

All told our mortgage, tax, and insurance payments come out to about $750 and if all units were rented out we would pull about $2000 a month.As it stands now we have one unit rented and our roommate pays us $300 a month, so we still cover the mortgage even with 50% occupancy.The house definitely needed some TLC when we closed.It was pretty much trashed, but the previous owners left a consolation prize of steaks and a case of beer in the fridge.The cleaning was a process by itself that included the excavation of about 3000 lady bug carcasses.We also gave the house a fresh coat of interior pain, re-plastered the ceilings, ripped out the old carpet and revived the original hardwood floors, fixed the roof, installed fans and a washer dryer set, and replaced several broken window panes.

Start fresh @Alexander Merritt !

We have single family, freshly rehabbed homes ready to rent. :)

Do the walk-through again as if they were all moving out and then start fresh?

Freshly graduated 22 year old looking to take the first step towards real estate investing.  

One tenant has been there 5 years other is on a fresh lease.

And nice to see your off to a fresh start.