Some relevant details:Located in a small, rural community2 family, side by side unitsLow cost/high rent (2% rule applies) areaPotential risks include: limited tenant base, tenant issuesMy inclination is to sell and move on, as it will take significant time/capital to get it back in good, rentable condition.

I will support my family on the $40k/yr and the rest will go into paying off my rental properties which some of you will disagree with but I have done the numbers and evaluated my own risk tolerances with loans for rentals and decided for my family paying off the ones we have is the best course of action.SO..

We don't want to over extend ourselves and be carrying the note. 

50% LTV is out there for foreigners but one thing you should consider in your situation is finding a seller who will be motivated to carry back a loan in 2nd position. 

There are inherent risks associated with Real Estate. 

This would eliminate that benefit, give it the added risk of warping, cracking & peeling, and add more maintenance. 

I think is very smart that you are questioning and aren't going to force the situation, simply to invest, and risk getting yourself into a bad situation if we end up having a bad downturn.

If she can't pay for probate, then you have to make a decision to see if you risk is worth it to pay probate and then hope she stands by her word to sell the property once probate is complete. 

@Michael Klinger at the risk of oversimplifying the problem have you thought about an online only bank? 

Its all a calculated risk and understanding what you can and can't get away with in your own farm area.Lastly as for selling I did actually receive a few offers but unfortunately none of them ever panned out.