He told his aunt that we buy houses, and she wanted to sell a house she inherited.

The inherited long term tenants decided to leave the property because as the new owner I expected the rent to actually be paid on time (or at least close to it).

@Jin Zhang Once you purchase a property with inherited tenants, the lease will follow with the transaction.

The cash-flow at $700 per month barely meets the 1% rule, and you still get to deal with inherited tenants and unknown lease agreements.

In my building I'm inheriting a long-term tenant who is currently on a month-to-month lease and I'm looking for guidance on how to manage the relationship. 

We inherited two down units that filled with water every time it rained. 

You can also remind them they received a stepped up basis when they inherited the property and should be able to sell tax free. 

The home sits on inherited property, his inherited property, so he will get the home, and has to buy her out of her half. 

Mankato is strict with issuing rental licenses, so it is best to inherit a property that already has a license in place for up to 5 unrelated.

If you are purchasing a property with tenants in it already (inheriting tenants) you need to verify that they tenants are paying and you need to do your due diligence on them during your inspection period; especially in tenant friendly states (i.e NY).