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just purchased rental house.

We just purchased a house at an auction (foreclosure).  There are presently renters in the house.  We are willing to have them stay but one of the renters has said that we have to honor their old lease ( month to month).  What are the steps we have to go through to start them opn our lease and rent going up to $900 a month instead of $800.  Please help me here!
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