"In Pro-Per" if you will.Then you'll be able to petition the court for Letters of Administration (no will) or Letters Testamentary (will).Those are one of two documents that give the PR (here in CA) legal capacity to encumber a probate property. 

That is legal because you will be the actual owner.

If a containment gets in the system and the tenant gets sick forget about the money you saved it will go to legal fees. 

Take land purchase, legal costs, expected rent, tenant improvements, any leasing commissions paid to broker, etc. and find out cap rate you want.

We mix Legal requirement with Tax requirement. 

*Any advice received is not legally binding as you are not my CPA or Attorney*

*Any advice received is not legally binding as you are not my CPA or Attorney*

Don't do that especially if you do not fully understand the legal trouble, do it on your own.

If the tenant is basically (judgment proof) such as credit is bad, they get paid money under the table as cash,etc. then it can be a waste of time to take them to court to get a judgment.No legal advice given.

You did not include anything for utilities, lawn care, pest management, Legal, accounting, and a number of other miscellaneous expenses.