@Shanae Williams have a game plan for your rehab timeline and exit strategy and follow it strictly.A lot of people buy their first house as an "eventual investment property," get comfortable, end up staying there for years and never make it a rental property like they initially intended.Great idea if executed properly.

The point is, I know the area well and I'm already 1 or 2 degrees away from the most valuable players in the game here. 

@Kiley Nakamura Unless your LLC has an established history, a lender is not going to be willing to underwrite in LLC name.

I would recommend end game being a MFR buy and hold for both.

That was going to be  my game plan...let the expectations be known and treat him like any other tenant both when screening and if they end up agreeing/signing a lease.

Again, other investors may set different goals... for instance, someone who has been in the game a while and gotten really good at finding amazing deals and managing their portfolio super efficiently might not accept lower than a 15 to 20% CoC Return.When it comes to some of the "rules of thumb" like the 1% rule and the 50% expense rule, these are really more quick analysis tricks to help you understand whether a property is worth looking into further... not final criteria for whether or not you should buy.

Established brick and mortar brokerages with producing agents aren't going away anytime in my life. 

Don't get me wrong, it gets you in the game, but this would be a lot of money tied up until you refinance and even so, it's not a very good ROI. 

I say he could have granted the buyer a MLO and/or long-term purchase and sale agreement that had the terms of the exit established, yet closing delayed until his passing. 

I think of it like  trading paper stocks game.