One of the big risks that upon have is that if a probate is opened, your ability to control the deal will be reduced, perhaps radically if a court order confirming sale is required.

We have a good rent deal for the location, but any purchase (that we live in) can reduce our cost of living, and effectively: cash flow.

Check the property address against sex offenders database.

Keep in mind that you're reducing your profit due to extra closing fees.

If not, how do I get it reduced?

Can be reduced by using a flat fee listing agent.  

This year I was able to reduce the trash bill by about $300 a month, converted each tenant to my new lease and had them start paying their own water bills, rehabbed the 4 units that were vacant, raised the rent in at least 50% of the units, and I just cut a check to the owners for August 2014 as $10,587.00. 

In between the $25K limit is reduced by $1 for every $2 of AGI over $100K.If you can't use the passive loss against other income then it carries forward and offsets taxes when you sell.  

Someone is in the property and this could reduce the chances of vandalism, theft, etc.

We just have to get through the first 8 years at a substantially reduced rate of pay, and it is during that time we will only be able to save $10-20K per year.