James C.
Hello & Welcome to the Forum!
What a wonderful inheritance, I am sure your father loved his trains.

Train Larry and 70gtvert have given you good information to help you get your trains running, only a couple things I can add.
I have switched over to using Mobil 1 synthetic oil, it is plastic compatable, you get a quart for 5 or 6 dollars instead of a one or two ounce bottle of hobbyist oil for 7 or 8. A quart of Mobil 1 will last you and your friends quite a while.
I DO NOT SUGGEST SEWING MACHINE OIL. Real Sewing machine oil is made from whale oil. Whales are endangered, using or purchasing whale oil products encourages the illegal hunting/murder of whales.
With the old tin plate trains,  3 in 1 or even plain old 30 weight oil were often used for lubricants, but not being plastic compatable, the use eventually leads to the break down of the plastic on post war and newer plastic trains.

Clean your wheels on the locomotive and rolling stock, I use rubbing alcohol, others us smoke fluid.
lubricate all the wheels and axles on your rolling stock as well as your locomotive, will let them roll easier.
If a motor is really dirty, I use contact cleaner on it and the e unit, spraying it thoroughly and then letting it evaporate.
Track and transformers are readily available both new and used.

Happy Rails!
dave