I have checked all the available documents at my local county clerk's office, and found out that the owners of the property have passed away around December 2015.

Even though all our documents say 1/3.

Welcome to BP @Steve D.If you want more assistance with the potential pros or cons of the deal, it would be helpful to document all the details of your projected expenses etc.  

Documented laborers crossing back and forth will have no trouble continuing to do the same.

Grab a couple of "example properties", get all your personal financial documentation together & get prequalified if you haven't already.  

18) What documentation do you require for the deal?

Have official loan documents drawn up professionally so they could potentially sell the note if they need the money suddenly.This may not apply, but if the money is coming from a retirement account you might run into some trouble since you're family.

Then you would want to be sure the contact is recorded on title and document everything including all payments.  

I am new to the area and looking for a real estate attorney to do the closing documents on a For Sale By Owner home.

The owner needs to give you two documents: P & L (profit and loss) for the past 12 months (the "trailing 12"), showing you all income coming in monthly, and all expenses per month.