That will involve settling on your plan for renovating.

I don't know where you live, but it is likely that the reverse mortgage company (or whomever owns it) will file for eviction so that they can recoup the money they invested in the deal.  

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck 

The capital stack especially in CA is VERY complex and typically involves everything and more that you mentioned.

From that file, you can see the deceased and attorney.

HOA management for a bunch of peripherally involved out-of-town investors is probably a great opportunity pass along overpriced contracts to your local buddies. 

Usually, a single-member LLC to avoid filing separate tax returns.

Obviously there is risk involved (as with anything).

There are some people that get lucky and earn cash quickly, but they generally hide the fact that it was pure luck or how much work was involved.

However, once you file your taxes, the IRS will figure it out and you're screwed!