If it doesn’t, then talk to an estate attorney and tell them your main concern is bypassing probate.  

I know most of us here know these definitions, but just to make sure we are all on the same page.The main negative with MTR arbitrage is that since you do not own the unit, you get none of the benefits of being an owner.

What are the biggest hurdles with purchasing in a state that is much further away (Midwest etc) and is it smart for a first property?

The main benefit is liability protection—it helps shield your personal assets in case of legal issues.

I had an 8 hour surgery that day and my husband and I (mainly him) worked on uploading our custom lease after the surgery and we were going to send it to her that evening.

Your main point of interest seems to be knowing the equity in the property.

I think most real estate agents won't waste time on buyers who are "coming in with an offer well below asking" with their main justification being they want to pay less, fishing for that rare seller who will randomly accept a much lower offer before dropping list price first to generate competition. 

We're doing this for two main reasons: 1) Prevent his dad from doing something like a reverse mortgage and 2) Minimize the amount of money we need to contribute to their care. 

That's probably the main question. 

Hi Ronald, Im based in the Seattle area, but I have properties 10 doors mainly across Memphis and Detroit.