We have had numerous Clients come to our property management team that were told their property was in great shape and basically move in ready only to have our property manager walk it and have a list of 20+ things they find that should be done before placing a tenant.

Start by talking to your PM.

Lynchburg and Staunton are in the middle of nowhere, what makes you put them on your list?

Pick an asset class: Class A, B, C & D properties, research pros & cons, pick one to focus onPick a real estate market that matches your resources & goalsContact local agents & PMC’s to start sending you listings to analyzeAnalyze a few deals weekly, get comfortable with the market and refine what you're looking for

I am now looking at Probates and working those lists now. 

I'd talk to a lawyer about drawing up an operating agreement if you both want to move forward. 

Heck, we have two flip properties listed on the MLS for just under $250k that we will instead rent for $1500 per month if they don't sell in the next 1-2 months.  

From personal experience, MLS deals are much less lucrative given their higher price points (typically).With respect to financing, you can talk to any of the hard money lenders on this site for different financing programs they offer (some are tighter with someone who has not yet executed a flip), you can take equity out on existing properties you have, you can use private loan from a friend or relative.

.- Bullet lists are great and easy to read when appropriate.- Spacing between thoughts also makes it easier to read than one big paragraph of TLDR.

Nine times out of ten, the managers listed there have a higher level of expertise and service.