FHA is generally a stepping stone to a conventional loan.  

The journey will take approximately 10 week; I’ll be there to document every step.

The offer was simply rejected.From this analysis, do you guys think I'm doing something wrong or missing something, or am I following the right steps and just haven't found a good deal yet?

Correct, the basis is stepped up to current value at the Time of inheritance.  

While I know I have a long ways to go ahead of me, and will gladly take any of the guidance and assistance that I can find, I hope that this can be the first step to helping both myself and others reach success. :)Thanks!

The first step is for the asset management company to assign a real estate agent to the property and have them make contact with the occupants.

@Neil Schoepp thanks so much for the information...that will be our next step :)

The delay was out of my hands, as Lender did not get back to me until recently; and I have provided everything that they asked for, every step of the way, in a timely fashion.Regards,Minh

If you're asking about staying in the property a year before trying to get another FHA loan on a second property, that's the minimum that a mortgage company is supposed to make you wait, and even then you would need to have a good reason to be moving so soon, while keeping the first property (sounds harder than it is from what I've heard).If you provide more specifics about what you're hoping to do in the near future/long term, I could help think a little more about next steps for you, but in the current context, it wouldn't hurt to make sure everything is working well with your current property and continue to build up your savings.

But step one is make some money.