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?

The terms and responsibilities are outlined very specifically in a lease agreement.My main question to the BP family is what we should look out for over the course of such a long closing period.

Again, that part might not be important to you, but those details matter to me.That said, having everything outlined clearly for the applicants is a great step to eliminate any confusion, so I like what you've done with that. 

Problems I never expected outlined below.With that said, I always keep a healthy cushion available. on it.