When seeing a foreclosed multi-family, it  has always puts a question in my mind if they foreclosed was it for a reason  I would be inheriting.   

You don't want to inherit 2 or 3 non-paying tenants that you'll have to evict.As for the purchase process, you may want to find a real estate agent to help you out on a fee basis (maybe offer them $500 or so to walk you through).  

I was actually happy to have the tenants leave because there had been issues with them all along (I had 'inherited' them when I purchased the building)

Oakland looks at similar units in the same building, and mostly section8.com ) Ask them. http://www.shra.org/In Richmond, where I have one Section 8 unit I inherited, the rents are significantly below market, and they won't raise them because of the federal sequestration.

Although I learned some valuable lessons very early on, I know have a better grasp on inheriting tenants and what to do when I first take ownership of any rental.

Privity refers to the giving of possession of the land from one owner to the next so that it is continuously occupied by a possessor.Privity exists between different persons whose interests are related to each other by a sale or inheritance of the land or by operation of law, as possession by a trustee in Bankruptcy.Tacking is permitted only when the possession by the prior occupant had been adverse or under color of title.

do you review and maintain it or do you have them sign your lease agreement? I'm closing on my first property this week and would like to hear some thoughts on the best approach for this situation.   

He has no job but inherited a lot of property and is looking for a good out.  

A colleage calls me up and about a house he inherited that he wants to get rid of that needs tons of work.  

Its tempting to think of just buying a few properties cash (I recently got a decent sized inheritance and consider myself blessed) and instantly having a few grand in cash flow.