For STR, this is not really an issue, as most STR's 3x the LTR rental income.Also, curious as to why you would want to go Conventional and impact your personal DTI, vs. just going DSCR?

Sara Cunningham yes it will be our personal property.

My own personal portfolio is in Sacramento, and I'm continuing to buy.

If you are set on the idea, for liability I would have the attorney draft a waiver, simple and cheap.Again, personally I would use that space for guests and possible include a gym pass to a local gym?

You might talk with a real estate/estate attorney and see if it's possible to open a probate, have a Personal Representative appointed and obtain an order from the court authorizing the sale of the property by the PR with the proceeds being deposited into the registry of the court for later distribution when all the heirs are identified. 

If you're going Conventional, you'll need to take title personally (not in an LLC).DSCR loans are pretty friendly towards STR setups, but you wont be able to stay in/use the property at all if you get a DSCR loan.

If you're only 1.5 hours away and need the condo for personal use, it would probably work out nicely for you to self-manage.

I personally like House-hacking as primary choice in this market, followed by a light rehab BRRR, lastly would be flip or long term hold (unless you got a smoking deal!) 

We may have three or four different purchases (to keep the personal items separate from the individual business expenses.) 

Personally, I value communication.