Some have done owner financing with an agreement to pay all interest and equity splits when the home sells others have done it where they do a quitclaim adding their name onto title with the seller so once rehab is done the seller can't try and cut you out of the deal. 

So back to square one Property is in her name free and clear.

If you manage to get this off the ground and do some verified - meaning paperwork is in your name, or company's name, etc - projects that turn a profit, and you build some capital in a bank, you should be able to go right to that lender after a year or two and start a relationship no problem.  

Note both of these options require paying the tenant to vacate for a no-fault eviction (terrible name as if lease is up it is not an eviction).Note terminating a lease agreement for the purpose of rehabbing the unit is under attack in some places in the county. 

Typically you can only have one FHA loan under your name at any given time, but there isn't a limit on Conv so long as you qualify.

So this is some kind of communal organization - there is a "mentor" at the top, and a bunch of "mentees" who do work for each other/for the mentor.Hopefully the asset is all in your name and your name only. 

In theory, you could QT the property to an LLC in your name and enter into a lease with you personally.

You hit on a tough reality.. inheriting tenants who aren’t prepared to pay on time can be one of the biggest curveballs for a landlord.

Keep moving forward and if you ever need advice, just summon me here in the forums, tag my name and I will answer your questions here in public.

But for me, the biggest shift was developing a routine and using tools that let me see my rental finances at a glance.Anyway, that’s my two cents.