With that being said, I understand that one of the most important things to have before moving forward with this loan is an experienced real estate agent and mortgage broker that are familiar with the process and already have connections in place to establish a good team of contractors, inspectors, etc.I am located in the Minneapolis market - does anyone have any recommendations for real estate agents or mortgage broker that I could contact for more information and to begin the process?

Establish the right team and get the experience.

Does sound suspicious.Always pre-screen candidates by establishing your rental criteria and then interviewing all candidates with screening questions that dove-tail with your rental criteria.

Or does anyone else have an established team that is interested in info sharing / advice / partnership?

Establishing an entity is simple. 

That means you establish a Traditional LLC to carry out the operations of your investments, in order to separate the liability from your assets, including: paying property management, paying contractors, collecting rent, marketing, etc.

I agree with establishing a good reputation and it will be my main focus as I’m starting out, along with doing proper work and making some money while doing so!

Put your money in many other investment options with less of a gamble.

Regardless, we still need to follow the laws for the jurisdiction, so family members should do what they need to do to establish a legal representative for the deceased and that person should be contacting the landlord.

Ive been going over the numbers and would appreciate any feedback.Seller has 2000 sqfoot home circa 1980 in an amazing established neighborhood.