Value-add is very critical and for your first deal, a small value-add should suffice.

@Dayne DelanoThere are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

Does it have to be in your specific city or would a multifamily a town or two over suffice just as well?

Suffice to say, there's a present value you can assign to both market-based and market rent appreciation that takes into account the relative likelihoods of both happening at any given level to the positive and negative. 

But a loan would suffice.

Suffice it to say, it's been quite a learning experience - I can't start over now, but I know how to better move forward with what I have learned.   

Would having a certified letter explaining everything suffice?

Ideally, your state has similar laws to Texas and a simple Affidavit of Heirship will suffice and preclude a formal probate process thru the court.  

Being the investor mindset that I am, I was more apt to the phrase "it's not about whether you buy something or not, but how much would make it worth it to you", so we talked and he thought a minimum of 50k less would suffice, but I went down 40k so the offer was at 225.

This should suffice for a POF.