It very likely means you went to some guru training event where you were told to find a team ...

Identify the probability of a risk (such as vacancy) occurring and the mitigation steps required (cash reserves) to cover yourself.  

You can also terminate without the need for a Notice of Default and Opportunity to Cure if when the second similar default in six months has occurred, or when there has been the third default of any kind in twelve months. 

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

This play only occurs about every 10 years, thus you need a job so you don't get bored.3. 

Hi any good real estate events in South Jersey and/or Philadelphia

I'd recommend attending networking events to get to know other investors.

The magic occurs when $110K is an actual deal and investors want to buy it.

So my question...in the event the sister wishes not to petition for probate (since house is still in descent's name) what else if anything can I do ?

Though I don't anticipate needing keys and won't experience any damages ahead of this date, I'm uncomfortable with owning an asset that I cannot access in the event of emergency.