Local Foreclosure real estate considerations

[Tomasz Kaminski]

I'm looking locally at my county auctions and there's properties for sale due to foreclosure. Considering that there are people living there already, it has a potential tenant (of course I understand the potential pitfalls there as well). 

Does someone have experience buying a foreclosed property and keeping the existing person/family living there and converting to a tenant? 

I'm considering this, however want to do my due diligence from both any outstanding lien side as well as at least a walk-through/evaluation of value of property as well. I'm considering giving the existing person who lives there say $50 for 30 minutes of their time to look inside for a few minutes, chat about their situation to see if they meet at least the minimum for consideration for being a tenant, etc. 

Thoughts about this?