Each state can be a little different so the details matter. https://www.omglawfirm.com/arkansas-probate-intestate-succes...Here is the pertinent excerpt:If you don’t have a Will, the default order of descent goes like this: (1) full blood and adopted children of the decedent, subject to any dower, curtesy, and homestead interest of a spouse; (2) if no full blood or adopted children, then everything to a spouse of greater than three years or half of everything plus dower, curtesy, and homestead to a spouse of less than three years and the other half of everything to other heirs (per this table); (3) to the decedent’s parents or surviving siblings; (4) to the decedent’s grandparents or surviving aunts, uncles, cousins, etc.; (5) to the decedent’s great-grandparents or surviving great aunts, great uncles, etc.; (6) if none of those intermediate descendents are alive the remaining half can go to the spouse of less than three years or to a predeceased spouse’s heirs; (7) finally, if none of these apply, all the property escheats to the county where the decedent died.

The most profitable area of real estate in my opinion is new construction... that way you can literally build sweat equity... at least that is what I am focusing on!

Does anybody have any advice on this subject, anything I should watch out for, is a lawyer necessary, does everyone have to sign the deed, or is it a straightforward process I can do myself?

To find a rental that you can BRRRR in my market is nearly impossible. 

Thats what I would do next and you can really just see what the numbers tell you (and look at different rate/refinance scenarios how it would play out in the next few years)

The plan was to do as much as I can myself but with as big of a task as it is, I don’t see myself being able to do everything in a timely manner.

Quote from @Victoria Phifer: I don't recommend charging anything on a credit card unless you have total control of your finances and can pay off the balance every month.I charge everything I can to credit cards, but I pay the balance off every month, 100% without fail.

There are pros / cons of whatever way you go about it plus a lot of unknowns.If your dad owns the place and it appreciates a lot and he decides to sell it, the gain can potentially be tax free which you wouldn't have the option for if it was a rental.I personally wouldn't do business with family.What if you own it and he rents it from you and you both have a disagreement on rent increases?

I'm new to real estate and looking to grow my network so I can learn to manage and grow our portfolio.

I have researched the property and from what I can find, the owner died 4 years ago.