I don't know how much you will be paying a property manager but add that in.

We explained to him we would pay for probate and pay to fix up the house to get it rented.The lease is for 5 years but dissolves once we close.

I'd start the refinance process right away, or just pay it off, or sell. 

If you hire someone typically they are the ones providing this information, but if someone is paying you, then yes they need this information for tax purposes.BTW - I would say your SS# has been hacked so many times and is on the black market already this is why we monitor ours through other parties or just lock it down at experian and other agencies if you are concerned about it.

If you have large debt with a high interest rate, I would consider paying that off before getting started investing in real estate. 

He tells you to pay him $5,000 (or much more) to learn all the "secrets" that made him wealth, but then he doesn't tell you that his "secret" was to increase earnings, reduce expenses, save up and invest.

I was told by a local experienced investor that insurance companies will always go cheap with paying out to contractors in the event a property needs to be rebuilt. 

In reality, you are going to be the one to pay for that.  

This is my third year investing with my mini me 12 year old and this is our 5th deal.My 12 year old found us a great deal- I teamed up with my friend and family member agreed to pay purchase and renovations.

No need to pay big bucks for this.