Thanks @Kory Reynolds,I like the idea of keeping it simple.

My agent told the other agent he had no idea they were running an auction. 

In your position, maybe starting by communicating your ideas to the 3 siblings tied to the property would be a good place to start?

Most often I'd hear people say:1) High taxes - but this can easily be reduced/eliminated by proper accounting and management.

First, LLC don't have shares, they have membership interest.Second, your heirs get the step up basis at the time of your death, you just need to have proper documentation or appraisal to show the current value of your LLC at that time.Third, even with shares of corporation you get the step up basis (like your brokerage account).But anything transferred before your death, LLC or not does not get step up basis.

There are many options ahead of me but the idea of owning rental properties has always been of interest.

North Texas sees a hailstorm every 1-3 years so the carport idea mentioned earlier should be taken into consideration if you don't want to discount rent as much.As for the missing sprinkler system, with how hot our summers are, the grass ends up being fried regardless. 

This is also the same logic that exempts most transfers asked about on BP about the "Due On Sale Clause", it's usually a non-issue if prepped correctly.We prep Grant Deeds and Change In Ownership forms to make sure that folks understand the statutory provisions that exempt these feared consequences, so that investors can properly set up their estate plans.

But here's where I'm scratching my head: this REIG doesn't seem to have a proper name or a website I can check out.

At this point I don't have a buyer's agent, because I'd like to get some idea of what I'm in for before signing with an agent.I've called the local Equalization office for some assistance, but so far no one has returned our calls.