Diversifying your portfolio can protect you in the event that 1 or 2 markets you invest in are losing cashflow or even worse - failing.My theory is to keep your money invested as long as you can and don't take that cash flow for profit.

This is sometimes referred to as mid term rental (MTR), but an MTR in most jurisdictions is simply a furnished Long Term Rental (LTR) with short lease agreements.This could allow you to rent to students and medical professionals.  

Make sure the $400-$500/month cash flow is enough to cover unexpected costs.It wouldn't hurt to look for other refi options or consider a different loan option, which might offer better terms.

as mentioned probate attorney but realize this process is going to be long and tedius. the brother would need to open probate and then any and all heirs besides him would have to get notified etc.

Negotiate terms like purchase price, down payment, interest rate, and repayment schedule.3.

This is reason #42 why I only offer MTM leases.Now that that is out of the way, if they are on a term lease, just give proper notice to terminate based on your lease verbiage and local laws(!). 

I'm not in PA but if you're investing out of state, you should definitely check out David Greene's book on the topic: https://www.amazon.com/Long-Distance-Real-Estate-Investing-S...

However, clarifying the long-term business objectives/strategy is key before finalizing your entity set-up.

They may counteroffer or request modifications to the conditions outlined.Documentation: Ensure all parties sign and agree to the terms of the offer in writing.

I understand that reading is valuable, which is why I'm curious to know which book you would recommend for a beginner like me to start with.I have yet to buy my first property but my goal is to house hack every year,  while buying and renting properties to hold long-term until my portfolio brings more cashflow than my W-2 job.