If you want me to act as stat. agent, handle the EIN, plus draw up an operating agreement (which you would likely need to get commercial financing) i would have to bill you out on that. 

How have you handled your acquisitions with inherited tenants?

* how evictions are handled if one roommate doesn't pay their rent? 

I would be handling the leg work and he would be the funds for the venture.

They are that you have the ability to purchase their property so what that means is proof of funds, whether bank letter or liquid funds, and experience to handle the transaction in a seamless manner without hiccups.

And I am priced VERY low compared to other rentals since the renter is a family friend and handles most repairs, etc.Like most areas (if not ALL) the market is CRAZY!

In some states the lease automatically ends with the death of a tenant, but in others it continues and the estate is liable for the rent.If the lease terminated, contact whoever is handling the estate and arrange the removal of the items.

Just have to know how to handle the HOA's. 

How are you handling on-site tasks, have you hired someone to stop by once a week or so?

To approve, clean, handle issues or even fix the tv remote.