My wife inherited a house from her family.

It was inherited from my grandparents who've built property on the land the kept as well as my aunt.

I am inheriting tenants for 3 months but will be on the market looking for tenants after that.

We went back and forth a few times and set closings for both on the same day.Property 1- 3/2 SFR$74,500 rents for $850 Property 2- 3/1 SFR$63,000 rents for $715Property 3 (about 25 days later) 3/2 SFR$55,900 currently rents for $700 with inherited tenants, plans to go up on rent when lease is up.Here is a breakdown of all the numbers (credit to someone on BP for making this spread sheet, I don't remember who)A definitely learned a lot about everything involved.  

Banks often will put "overlays" on top of conventional lending rules to lessen their risk...aka lend less money.  

.- Wife does not work, but she may have a part time job soon, about 13k/yr gross- Currently $18,000 savings and ability to save more- 1.5 yrs credit history, FICO score is 747- Central valley CA areaEven better, I have a family member (Grandmother) who has been successful in real estate and has been giving me what I would consider "early inheritence" for the past couple years, hence my savings.

It seems that renting would be more lucrative for cash flow and we would only have to manage one home- but we would have to finance another house for our primary home which would lessen the cash flow.

In the mean time my cash flow from my primary source has lessened so I'm not able to make another cash purchase for more properties.

As far as the inherited tenant(s) go, I would ask to see current signed lease(s) and read through them.

I recently inherited a house in nj it's on ground which is not the norm since hurricane sandy, most houses are on stilts.