This building was horribly mismanaged for at least six years when I bought it and this is a hold over inherited tenant.

However, this will be the first property I have bought in which I will inherit the current tenants.

I'm haven't been in this situation before - inheriting tenants - so I can't speak from direct experience, but from what I understand you can't do anything until the tenant's contract is up.

Agree that we should have reserves but that is the case for all real estate, buying at lower interest rates lessens that risk in my opinion because you can lower the rents more than the buyer who purchased at 8% interest. 

It's possible the deceased father agreed to let her manage the property and keep the rent net for her troubles, but the title/ownership remains in him so his heirs would inherit it as a legacy.I suggest your friend familiarize himself with the statute of frauds which I believe requires agreements regarding real estate be in writing to be enforceable.

The loan cannot be assumed, but I am looking for any creative way to inherit that low monthly payment and allow for even greater cash flow in the future.

I inherited a property in Marietta GA,.

@V.G Jason trillions waiting to be inherited from the worlds wealthiest generation boomers.

I am about to close on my first STR in Panama City Beach, and would like to try and get people in there for the winter months to help cover the costs and lessen the maintenance burden. 

Inherently, when buying at the courthouse steps or sheriff sale, you potentially are inheriting someone else's problem.