I have several question regarding this situation, mainly just looking for a rough roadmap of where to proceed from here and to learn some more information to get a better understanding of the process.

Then within 6-18 months make a full rehab and updates with a preferred contractor, get better leases and refi. 

Find better ways to get leads.Me personally...

I think a short-term fix-and-flip loan would serve you better because, first, the credit requirements are typically lower than a DSCR loan's credit requirements, and fix-and-flip loans will fund a portion of the purchase price as well as some or all of the rehab costs (usually through the draw process).Right now, saving your cash, rebuilding your credit, and finding both a partner (ideally with a higher credit score AND experience) and lender you're comfortable with should be your priorities.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

It seems like you would want your property be close to amenities since it seems like you would trade the comfort of having your own space to being in a better area for a cheaper price but I could be wrong.

In a different market, there may be lots of demand for individual rooms and little demand for the whole home, making rent by room the better option.

We're all here to generate more income, and we should all do what makes us feel the most confident be it turnkey or "traditional" soup-to-nuts.Regarding #2, of course the turnkey company takes a cut, but to me that matters not if they are getting you a better deal than you could find on your own.So my request to you... can you keep us posted over the coming months how everything turns out?

We suddenly had 2 homes and began exploring what our options were and that is when we discovered the intriguing world of REI and tapped into Bigger Pockets and Better Life Tribe, etc. to begin our education.In the time since his death and the probate process we have been paying his mortgage off and selling items from the home which we have been maintaining.

I would buy and hold turnkey rentals, it's better to ease into RE investing and turnkey rentals are going to take some of the riskier variables out of the equation.