But to be considered as a serious REI, you will have to have some skin in on the deal.  

She'll think you have no skin in the game and will be a higher risk than originally thought.

You want to be in the middle rent rate or lower.So if 26 2 beds rent in the market for 600 to 800 a month be at 700 or lower.700 X 26 = 18,200 a month X 12 = 218,400 gross expected income218,400 GEI X .50  (50%) costs - 109,200 NOIMake sure with rent rates there are no rent credits as that brings effective rent down and also any immediate deferred maintenance needs to be deducted off of offer price.If landlord pays water or other utilities  then 60% costs annually is common for ( vacancy, eviction, management, repairs, etc.).You would do 218,400 X .40 (60% costs) = 87,360 NOISo an 8 cap at 109,200 would be about 1,365,000 sales priceAt 87,360 about 1,092,000 sales price.When a partner comes in they will want skin in the game.

I haven't dealt with probate properties much but I can only imagine you need tough skin to prod during those times. 

Spackle the damaged drywall to make a smooth flat surface, then either add one row of tiles like you mentioned or just repaint with semi gloss and caulk, but tile would be a better permanent fix.

I'm willing to put some of my own skin into the deals so you know I mean business. 

@Britany Woodman I think what @Jesse Gonzalez said would be a good way to go, get a brand new SFR with really no skin in a the game.

On the surface it looks like an average/decent deal but share more on the area/neighborhood/tenants etc.

Deal evaluation is a great way to get familiar with your area, the expected rents, and the types of available properties.On the surface the deal seams plausible.  

More than one way to skin a cat!