Thats why you see very few HML that were in business prior to 2010 to 2011..

I would choose the strategy that best fits your strengths (unfair advantages) and what the market in your area demands.

It’s great that you’re thinking ahead about property management, especially as an out-of-state investor.As a property manager working for a company that specializes in managing properties for out-of-state investors, one of the biggest pieces of advice I can offer is to ensure clear and prompt communication with your PM team from the very first call.

A sq ft price is just to get in the ball park and not very accurate at all.

I would consider selling, i’m not necessarily saying you should, BUT only hold if you have a very strong belief in the appreciation of this property. 

This bi-level case is very common for appraisers.

Building departments, typically, are very helpful. 

They will get the highest price and the best terms for their property by marketing it professionally and exposing it to the maximum number of retail buyers, which means putting it on the MLS with an agent.

Seems like it is best to go with what is written in the will - split the estate and he gets 160k extra.

All the best on your REI journey