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)....

@Cameron Porter +95% of the land bank inventory is already picked over by the time it hits the public.The only people we know that have bought ALL went over budget and only the increasing market covered what would have been losses.So, proceed VERY carefully!

I have read a couple of Brandon Turners books on house hacking and multi family and really enjoyed his writing style.Brandon Turner’s books are great picks!

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

When you start "picking" tenants or doing favors or acts of kindness for tenants is really when you can get yourself in legal trouble. 

If I may pick your brain a bit more.

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).  

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!

This is consistent with data from sources like Zillow, Redfin, and the local Santa Barbara Association of Realtors.However, when I go to "Pick Markets" and select Santa Barbara, the median home price listed is $620,000, which doesn’t align with what I’ve observed locally.

Why did you pick them in the first place?