The owner, a family member of one of our buyers, inherited the property through probate, but they weren’t equipped to handle the renovation.The house had been left in disrepair for quite some time, with the previous owner struggling with mental health issues.

No need to invest out of state, when you are in one of the best places in the world to invest in real estate. 

Account holders can't take any write-offs personally for investments made in the 401k.

Go to your secretary of state to look up the LLC.  

I would go with the one that is the specialist in the area.

To the bank it's a good deal because there's 40% equity in the property.

#McCormickI have some Youtube videos (link in my profile) that will help with some of your questions and I'd be happy to have a call to help walk you through the market and what you should consider when looking here.

But, this being a larger syndicator they do have professionally made presentations and due diligence documents for you to look through.

b) Did the seller acquire the property through probate?

My strategy as an investor has changed over the years, today I look at real estate more like a collection of properties and less through the cash flow lens.