At best if you financially qualify for a conventional loan from a traditional lender,you can get an FHA loan with 3.5 percent down if you live in it with the tenants.You will need a good job and good credit with sufficient income to qualify for that loan.Otherwise,you're looking at hard money loans with 20%or 30% down and several points upfront and a higher interest rate around 7% for a minimum of two years before you can refinance to prove you can manage the loans and make payments without problems.That's how professional investors do it normally.

You would do well to request a copy of probate "Letters" to review for powers.If full powers, a (15) calendar day notice of sale is sufficient, unless an objection by claimants, creditors or heirs.If limited or special powers, court confirmation is required and may be subject to overbid.

If you cannot get a sufficient appraisal or qualify for the re-fi, you would be foreclosed on...the seller may ever insert that you would quit claim the property back...there are a lot of moving parts on this...

Most probate properties are not the kind of deals with sufficient margins for a quick turn.

A relative may be sufficiently motivated to work with you.It may be that a formal Conservatorship has been established.

In the case of cash offers, proof of funds may be sufficient for the purposes of making an offer.  

My question is will this be sufficient protection from all personal assets?

This is known as the self-sufficiency rule.

And, above a certain rental rate, potential tenants are what we call transitional, they have sufficient income to buy a property so they are only renting because of a specific issue that will likely resolve over time.

This is known as the self-sufficiency rule.