We are in the process of buying our first investment property, it is a 3 unit, and all the tenants just signed a new lease prior to us (hopefully) closing on the property. However all 3 of the units are being rented below market and should definitely be increased. What is the lease transfer process? Am I as the new landlord stuck with their current lease? Can I update it to add additional language to further protect my self? And most importantly can I increase their rent?
