I recently inherited 10 empty lots which are each a quarter to a half acre each.

No reason to inherit their problem in this market, in my opinion.

We did what you are planning on doing: we were intense about saving our tax returns, and bonuses from work, small inheritance, and so forth. 

For example, my style is long-term SFRs with buy-and-hold forever with easy selfservice-management so I can leave an inheritance to my kids (I don't think my kids want to be a landlord so I need to build my rental operation to practically run itself).

If they have leases, you inherit those leases, and must abide by them.

I inherited the tenant; combination of not enough due diligence on my part and withholding, likely lying, by the seller with no real effort to help by the agent.

They inherited from father and these properties are slum but in a great town where a SFH 2/1 800 sqft rents for $1100.

I recently inherited a Dollar General store from my parents.

There could also be complications if your buyout did not specify that you "inherited" all of her tax attributes along with her interest.

The federal tax is based upon income, not value of your property except for inheritance taxes.