Michael and Thomas mentioned some of the benefits/ drawbacks of inherited tenants/ some of  the things to be careful when in such a situation.One way to know what your property might rent out for is checking local rental listings on Craigslist, apartment.com and other such websites.Good luck and keep asking your questions on BP!

Some information I've read implies that we would be considered a partnership, which may have drawbacks to one sole proprietor, and one of us more of a part time helper.

First propertySmall multi familyNeeding some renovation Wanting low-to-no money down  Third Question:  If hard money lending is a good option for this -- what are the draw backs and what should I be concerned about moving forward with a HM lender?

I appreciate some advice here.  We are attempting to making our first purchase of a rental out of state where are kids are attending college.  Attempting a college house hack. ($10K savings yearly vs living on campus)...

From Richard WarrenSeller Financing: Pros and ConsFrom Brett LeeSeller Financing: Benefits & Drawbacks Investors Should KnowFrom Brandon Turner5 Reasons to Consider Seller Financing for Your Investments

I copied this from a search on real estate ROE:Return on Equity (ROE) ratio calculates the amount of return generated in a particular year on the total amount of equity invested (or trapped) in a property.The amount invested (or denominator) is calculated as the initial investment (down payment) plus the entire increase in net property’s appreciation and the entire decrease in outstanding loan balance incurred prior to the year the ratio is being calculated.Cash-on-Cash Return is a similar calculation, but since the two draw backs of the traditional Cash-on-Cash Return are that property appreciation and principal debt payments are not factored into the formula, Return on Equity adds these two components to the traditional Cash-on-Cash Return calculation.A property’s net equity increase is calculated by determining what the “Net Sale Proceeds after Taxes” would be at the beginning of a year, and then again at the end of the year.

One of the largest drawbacks is the having to pay in full that same day. 

The big draw back Is the cost.  

I wouldn't let it be a drawback.

The major drawbacks to me were the loss of depreciation as well as any other losses wouldn't be able to offset gains from my other traditional rental properties.