You could always create an LLC between you and your cousin... just determine ownership percentages (ex. 50/50).

You get 40% ownership for $0? 

These might include Seniors with Long-time Ownership and Owners with Low Financial Stability Scores (FSS).

But I have never seen one so close to a building that it would be a fire hazard (a grill installed by the ownership that is).  

Do we have to go through probate or since he probably has legal right to everything she had, can he just transfer ownership to us in a more simple legal manner? 

Most lenders are allowing these types of transfers, but the old strategy before these changes regarding the Fannie Mae updates was to introduce a Land Trust into your ownership structure of your property, bypassing the Due on Sale ClauseFor a more detailed explanation of asset protection you can also refer to this article.

I do belong to a credit union that will refi without the 6 month minimum ownership period.

If you can save enough for down payment for house hack, move in, rent your current SFH and after a year or two buy new SFH. suddenly, after 2-3 yr you have two rental and SFH under ownership.  

The building owner filed for bankruptcy a few years ago and the property management company has just been given legal ownership of the building.

Any mortgage I have is due on the 15th, so all rents are usually collected by the time the mortgages are due.Now, where I have remote ownership and have hired a manager, they usually have rent due on the first and late on the third or fourth, with late fees occuring then.