Be clear as to who handles what.  

In your current situation, it could be covered by a contract of the terms of your agreement but creating an LLC as mentioned is also a good way to handle it.

They do require a lot of maintenance and you'll need the cash reserves to handle that.

Quote from @Ashley Campbell: I use a professional CPA firm to handle my taxes and they are great with strategies.

Honestly, it wasn't that hard, it's not like a had a deluge of phone calls that I couldn't handle. 

Managing or leasing the property yourself would likely be considered self-dealing, which is prohibited.To stay compliant, it is best to hire an unrelated third party to handle the leasing and management duties.

(However, the software is geared towards smaller companies)(There are specialized softwares that larger companies use).Quickbooks can handle the accounting for a small business who does flips.In my opinion, you likely need to take a class on QuickBooks to properly and efficiently use the software.There are likely some schools nearby that will teach you quickbooks.The alternative is to out-source it to someone who is focused on the real estate accounting space.Best of luck.

On the construction side I have an advantage because I'm a very experience contractor that can handle multiple big or small projects, specially out of state.I started now because I got all my systems in place!

Even though the property is under your Nevada LLC and you're the managing member, the lender will still need to be involved to ensure everything is cleared.Make sure the title transfer was properly recorded after your ex-spouse's passing, and work with your escrow officer to handle the mortgage at closing.

really depends on the state.. for instance OHIO is one of the safest the judge wont confirm the sale unless everything except irs is taken care of.. you just need to know if its a first or second.NV is another pretty easy one at least Vegas. where the sales are handle downtown there is a title company right there and they run title on everything that is going and offer a hand out to any bidders just ask for it..