He received quotes to remove the texture ceiling, paint the interior, purchase and install new kitchen cabinets and counters (including completing the design), picked out 2 floorings to get quotes which will be provided this week, and determined furnace is beyond saving (I will likely get HVAC quote for him).  

If I may pick your brain a bit more.

Yes lots of moving pieces and honestly, I have NO clue how this gets settled - but what I have  a CLUE on is I have the rolodex of attorneys who I can pick up the phone, call and understand this process and know what questions to ask to understand the risk - such as - what if we petitioned the probate court to use an independent 3rd party (if we buy it)....

What if you pick the wrong project, or the wrong sponsor, or the economy changes, or the business plan doesn't work out. 

Highly recommend you start listening to any of the BiggerPockets Podcasts and pick some various topics you may be interested in and see how you may be able to take action, the most important thing you can do!

Why did you pick them in the first place?  

Pick a handful and travel to them.

If I could, pick your brain a bit more, how much do you typically set aside for things like CapEx/Vacancy?

@Matthew Giblin you're highly unlikely to succeed if you spread yourself over 4 markets.Recommend you do more research and just pick one of the 4 markets.Then do a trial run and see how it goes. 

I keep getting the run around and saying oh it's just the slow months and things will be picking up soon.