Remember, you might need to keep some dollars in reserve.

Plan: When you have a credit score under 680 most lenders require at least 3 months of PITI (principle/interest/taxes/insurance) in reserve.

If your offer is accepted make sure you get a escrow company, closing agent or lawyer or whatever is used in Illinois, that is familiar with probate.If your PR has limited authority and needs court approval to sell assets make sure you understand the court confirmation process and auction if there is one.

I can't help wondering about the $7.7 trillion undisclosed Federal Reserve loans that the Bloomberg Report had to use the freedom of information act to get the dirt on.

I spoke with the listing agent today, who confirmed there is nothing placed on the title to prevent the buyer from re-selling the home.  

The people who buy here are buying for experiences and memories, not so much investment return.From speaking with other financial entities and members of the community, we are looking for partners to assist in offering loans of some sort, such as:1) Direct loan to buyer of house (less a down payment), and then payment arrangement between loaner and the buyer2) Loan to the cooperative as an entity who then administers the loan between buyer and cooperative, with payments paid back to financial organization from cooperative3) Loan to buyer with cooperative as co-signer, therefore making the cooperative the ultimate responsibility in the event of default4) Create a member-funded reserve fund or actively managed account which will then be used for giving out loans to new members at an interest rate.

If you are using rental income you need 6 months reserves.

My parents are also trying to understand that they should do with their cash reserves on hand.  

Water/sewer $400/qrtr, Even with reserving 20% for vacancy (that's what banks around here use), 10% for capex,  5% for maintenance, would manage myself so I didn't include PM reserve/expense, $100/garbage, $100/month insurance. 

There are tons of lenders that will work with you, of course you meet the prerequisite criteria. 20k is good for a down payment on a 60k turn key, as was mentioned earlier; however your will need at lease 3 months in reserves to get your loan funded.