I reach out to the tenant a day after I dropped it off the notice to allow them to cool off and make a decision. 

He has a history of making poor financial decisions. 

BP members constantly write posts saying they don't want to be bothered with day-to-day management and I found that having a PM was far worse than doing my own management because once I hired my PM I threw another 'Iron In The Fire', 'Threw In Another Wrench', or whatever you call it because now rather that dealing with tenants and resolving tenant issues in one quick move I now had to personally humble myself to dealing when a 'Fifth Wheel With Even More Moving Parts' and the decisions my PM made in regards to who they rented to and how they cleaned rentals BEFORE TENANTS MOVED IN was super scary and the damages caused by the PM resulted in costs of not one penny less than $8,000 to clean every house when a tenant moved, one house cost me $12,000 and a house in Idaho cost me $32,00 to clean and repair only the damages caused by a tenant who lived in the house for only 3 years with the exception of my costs to trim some trees.

Some investors with lots of experience / risk tolerance / cushions are able to make decisions about properties without seeing the inside - this is more common with houses being sold at auction for example. 

But making a decision to purchase a property with out running conservative numbers will be our responsibility. seems like your under the gun with making a decision or perhaps having delays until you find another estimate.

You should not base your decision to purchase a property based on the marketing package from the broker because what is more important is the ability to manage the property better, increase the rents and when you increase the rents you  immediately change (increase) all your profits almost exponentially.I keep telling this story over and over for the past few days on BP.

I decided that 10% and retaining cash was a better decision than suffering a relatively small PMI expense. 

Like most folks have prefaced their posts with here - Smart decision to consult with an attorney. 

Our decision largely hinges on the earlier question - is there a step up in basis when my mother in law passes away? 

Best bet is to go to the courthouse and file the paperwork and let the judge make the decision.