This is sort of what I had assumed.

A second option would be to sign some sort of long term (10-15yr) NNN lease.

That's a massive undertaking if you don't have much experience. 100% agree to partner and at minimum connect with local investors who do this sort of construction.

And, you can always revert it back into a single family rental, worst case. 

Which is sort of your answer.

Another way to put it is, find the worst house in the best area, fix it up, rent it at that best area price.

@Stan MaysEither get in touch with a local realtor that knows the market well or study recently sold properties on Zillow and realtor.com to see what properties have sold for in your area and what sort of finishes they had.

@Renee ThomasAsk for proof of payment of some sort so you know the tenants are actually paying their rent.

There is the bank and probate involved so it will take a long while to sort through and will likely bypass more common abandoned house measures like short sale and courthouse steps auction as they wade through it all.

Wasn't sure if maybe there was some sort of global rule about it instead.