Any suggestions or comments about pit falls we need to avoid or other advice?

I would highly suggest that you tune in to the BiggerPockets Podcast and attend your local REI meetups.

I have a property manager in place (one recommended by RTR) and he suggests (i) new build supply is way higher than demand (ii) realistically (if at all we find a tenant) we should target a rent of $2100 vs $2500 projected by RTR.

My suggestion would be to come out to as many in person meets as possible (https://www.biggerpockets.com/forums/521/topics/1177645-tax-...), ask tons of questions, and figure out how to hang out with people who are doing what you want to do (add value, work for free, do anything to get that experience.What area of Chicago are you looking to invest in?

Also wondering if any one can give us suggestions on providing/offering health insurance.

Single family is really easy, multifamily is a little more complex my best suggestion is rural land at least 0.5 acres and up for easiest rezoning. 

The fact you learned the children are the ones selling the property through a neighbor and this was not clear in the sales agreement suggests the proper authority might not have even existed to execute the agreement on behalf of the estate in the first place. 

Follow up question, would you suggest I try to get a business credit card on my own so I can get a down payment, I need around $40,000 

I was only suggesting that I had a concern where a company admits they are challenged when it comes to communication -- communication is perhaps more critical than anything else in my dealings.

Hey Justin, I would suggest that you make a deal make sense without any tax benefits.