Can I put any sim into an iPhone 5?

I found an iPhone 5 in my basement from recent tenants who never came back for it. They moved to Florida so I plan on keeping it. When I try to go pass Wi-Fi Settings it tells me that I need to insert a sim.

If I buy a StraightTalk, AT&T, Etc Nano Sim from Walmart or Amazon will it work?

If the phone is unlocked then you can use any sim. If it's locked to a carrier then you have to use that carrier's sim. If the phone is reported lost or stolen then you can't use it at all because it'll be locked and unfunctional.