I am pretty sure we might have to read the HOA bylaws and governing docs to find out, however before we do that, I just thought I would throw this out there and see if anyone knows if there is a "usual, typical and customary" answer to this.If I am inheriting from the last owner a tenant for 8 months, and I need to only leave it vacant for 4 months, the numbers may work. 

Problem is this was an inherited tenant and I don't have a copy of her original lease.

They were planning on having it as part of his inheritance anyway so it didn't matter whose name was on the deed in the end. 

-two tenants each gave their 30 day notice, they were each tenants that I inherited when I bought the buildings they are in.

Besides inheriting renters isn't always a plus.

Regardless you need to find out the ARV and ask if you can get in the property to do a real assessment of repair costs.1950's house can have some major surprises that can't be seen...don't short change yourself...give this guy an accurate assessment of the property and what it would take for you to inherit the risk for him.

Also, that his kids can inherit his property at a stepped up basis to benefit them. 

If it was in hers and you inherited it your basis will be the value at the time of her passing. 

The seller inherited it from her mother but the house hasn't been through probate yet.

I am going to try and make a long story short, so if you have questions or need clarification please let me know.My wife before we were married inherited 25% of one side of a duplex.