Why wouldn't you be able to have a formal inspection? 

Most maintenance won't pop up in the inspection report, its more apt to pop up after having someone live in the property for the first month.    

If so, do they conduct inspections?

Hi Eric, I use Doug Lyons with Lyons Home Inspections for all of my personal properties and all of my clients.

From there mechanical and large items are my first priority (water heater, HVAC, roof) - though an inspection gives us more information and those items can be used as great negotiation tools during your due diligence period. 

Also do an inspection of the unit for yourself. 

Slightly increased the offer to quickly go under contract, but still had inspections and everything done before completing the deal.

I start off with a 3 month lease and do a room inspection during month 2. 

Hope the inspection turns up okay, and remember if there is any major material defects.

Got under contract and then negotiated a large amount of seller's concessions during inspection period.