Should I Create A New Contract

I just closed today on my first rental property. I purchased from another investor with the stipulation that a tenant must be in before I close. He set it up as a lease option agreement. At closing he assign the property to me. Should I create a new contract with the tenant and myself with the same agreement as before. I was thinking at the end of the lease the contract will have just our names on it as oppose of showing the assignment? What is the best method?

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