We sell a course called the   " Ins And Outs of Leases" if you are interested.No matter where you get your lease join your local REIA to find out what others in your area are doing.PLEASE consult an attorney who works in contract law / Leases and have them review your choice. 

When she passes, heirs normally have the right (in the contract) to buy the property at 95% of appraised value.Not sure how to make this work for you to own it now.

@Tami Olsen As is condition is not a problem for purchase contract for  the purpose of financing.

Usually a property manager markets the house and manages upkeep but the owner still pays for everything the property manager just usually makes about 10% of gross rents (probably varies based on the market)If your not a property manager but somehow work a deal where you can sublease you’ll want to make sure that you do that right and have a good contract that protects you.

In hind sight this is the one thing I really wish I would of done on the initial contract.

I'm a health care independent contractor, with an open ended contract in San Joaquin county, CA.

I am an attorney but do not have significant real estate or contract experience. 

PSA, land contract, etc.? 

I see houses going under contract that would not get their money back in rent, or a flip and they sell fast.

You would typically want to have your contractor walk the property with you before you make your offer so you can factor the rehab estimate into your analysis and then you would have an inspection done immediately after you get the property under contract during your contingency period to make sure there's no other issues.