One of the challenges with this situation is meeting the debt-to-income ratio and residual income requirements, since you’re basically on the hook for two mortgage payments each month.

What may be driving the increase in prices is the growing population.

You also have basically no control over HOAs. 

However, if you only live 1 or 2 hours drive from the property, try to still manage it yourself so you can pocket the management fees.

That'll provide the basics, but they'll probably be written in 2002, so remember that the Internet changed a bunch of things. 

Basically, your highest offer comes with the most contingencies, while the lowest is a cash, quick-close offer.

I'm not familiar with Arizona probate law but I can tell you that in Arkansas if the estate has a value of less than $100k the distributees are able to file an "Affidavit for Collection of Small Estate" and basically "skip" some of the rigors of the normal probate process. 

I'm coming to drive around a get a feel for some of the neighborhoods. 

As most of the basic details have already been agreed upon, the rest of the documents merely relate addressing "what if's".

When Started I did rent by the room and the labor and turn over requires one person there every day so you might have 1 person living in the house and managing the other rooms but again all of these options are basically a math problem.