If it does go to probate, hopefully your brothers and you can amicably go the informal route vs formal (I've worked with families in both when buying properties out of probate and informal is FAR easier).Since there's no debt on the house, maybe you could sell with financing or maybe you could even buy out your brothers with financing -- that way you maintain ownership and just pay them a monthly amount.

Make sure any lease agreement you use complies with Arizona's landlord-tenant laws, including required disclosures (like bed bug information, for example).If you're unsure, consulting with a local real estate attorney to review the agreement can provide peace of mind and ensure you're fully protected.

Our lender has informed us that we need 12 months of rental history to use the actual rent for financing purposes, or we must rely on the appraiser's fair market short term rental value.

I am also willing to provide information on the Memphis and Chattanooga markets.  

Quote from @Laura Stayton: It's impossible to answer this question with the information you provided...How so? 

Just trying to get started and although there is plenty of information out there, I thought the value was in getting the first deal with them and then learn how to replicate it.

Here's how to pin a house and the information it shows. 

The numbers may not be that favorable in LA for this, I don't have enough information. 

Small (1700 sqft or less) medium (1701 -1999 sqft) and large (2000 sqft or more)Cost benefit analysis Estimates IF 300+ homes are built over 10 yearsAlot of technical information to say that:- When I start development, i will be going into uncharted territory. - New construction will be comped against other new construction - Start out with enough comps to justify the price point- keep the area tight to consolidate the risk vs building one or two in different parts of the same neighborhood. 

I always find myself getting caught up in YouTube videos, but they're never really informative.