If you have an emergency repair and lack sufficient funds in your SD account you may find yourself between a rock and a hard place.

I'm hoping a CPA or tax lawyer can tell me what the IRS has considered 'sufficient' in the past or if the basis is ever called into question?  

If you're going to wholesale, you need to have a knowledgeable real estate agent on your team or access to sufficient data to run your own comps.

You could even (potentially) show it with the existing tenant in place, if you give the tenant sufficient notice (check local laws) and you trust the place isn't a pig-sty.Good luck.

You don't need a reason to do this, you just simply need to give them sufficient notice as required by your state. 

Granted one has a great credit history and a sum sufficient for a down payment. 

If each of us signs title on a property is that sufficient protection or would an LLC be more beneficial?

To refinance do the lenders look at my income or rental income is sufficient to qualify for loan? 

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.