Finally was resolved on 12/27/2017 so....8 months of litigation and administrative tasks. 

As to market value, the cap rate must be one that a reasonable and knowledgable buyer would expect for a similar investment given the required resources, risk, degree of administration and management for the alternative investments.

There are requirements federally under the SEC, the UCC, The Patriot Act, Money Laundering, Treasury Rulings, Federal Reserve, FDIC, HUD, Fair Credit Act, Consumer Federal Protection Act, Fair Housing Act, the Veterans Administration, The Small Business Administration, yes, even the Postal Service, many of which have police powers and their own investigators .

Since you haven't even been in contact with a principal (executor or administrator) you don't even have a prospect.What you have is an opportunity that you have identified that (may) fit somebody's investment criteria.Now, if you are not a principal (unable or unwilling to close using your own resources) you'd better figure out how you add value to this estate seller and justify carving out a chunk of the equity.

The government established the Federal Housing Administration (FHA) in 1934 to improve existing housing standards and conditions.Really?

And you can do that cheap at a community college.I have a degree in Business Administration/Accounting.

Currently I'm attending university pursuing a degree in business administration, concentrating in finance.

If you own the property in your name and not in a well administrated LLC with a business liability policy in place now would be a good time to consult your lawyer about making that happen and possibly offering a lower rent payment for extending the lease agreement, with the new agreement having the needed prohibitions. 

It would be necessary to get an administrator appointed on an emergency basis "ex-parte" to obtain a Court Order authorizing the completion of the deal you envision.

There could potentially be big cuts in the housing assistance programs could be on the horizon under the Trump administration.