I'll tag everyone on it and also outline some potential dates. 

As the other’s have stated it should be outlined in the lease what the tenants pro-rata share is I.e. 2500/sf space out of a 10,000/sf shopping center should be 25% of CAM.

As a result, we long ago decided not to do any decision making, or even buy recommendations of the type you outline.

The only thing relevant is what were the deceased's wishes, which she apparently outlined in her will.  

Put together a quick word document that outlines a market analysis for small multifamily and/or single family rentals.

Outlining your expectations for your tenants (and communicating those expectations well) will save you a lot of trouble down the line.A common mistake for first-time landlords is to be overly lenient, especially when it comes to on-time payments.

This outlines rents, deposits, etc. so tenant or current owner cannot try to pull a fast one.

@Alan Miegel While I'm not familiar with the rental market of the Bay Area, you have outlined what is considered a BRRRR strategy. 

The exit strategy should have been outlined at the onset of the project so everyone would be prepared for a plan B or plan C.

Is there a template or an outline for the aforementioned process?