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new to renting

My wife and I inherited a house that was being rented to distant family members with a one year lease. There was a lease drawn up with a very low rent ($400) which doesnt even cover the small loan that was on the house. Is there a way to increase the rent so that atleast I am not losing money for the next 9 months which is the duration of the lease? Thanks in advance.
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If there is a one year written lease, you probably will have to wait until close to the termination date and give them "X" amount of days notice to increase the rent. What does the lease specify as notice needed to end or renew?
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