For a rental unit, you’ll typically want a landlord insurance policy, not a standard homeowner’s policy.

It's the wholesale only lenders that typically do not allow this. 

Quote from @Stephen Nelson: Two random comments but I'll mention because it seems sort of relevant that I used to teach the Choice of Entity class to CPAs and attorneys in the masters in taxation program at the country's big graduate tax school.

So, tenants will typically be attracted to a newer rental vs older - all else being the same.- Reality though, is that "all else" is rarely the same as most new homes are built in subdivisions - so, location compared to an older home will be different.Biggest difference is deferred maintenance.Most owners allow their SFR properties to degrade over time to maximize cashflow.

I personally would go with a property manager simply because they're far more experienced at that sort of stuff than I am.

The property has a big tree in the back that sort of leans over the fence as well into the neighbors yard. 

I actually got a loan from a private lender for a deal where we were able to structure the financing creatively, and it worked out well.Second position loans or mezzanine financing can also be an option, but they come with higher risk, so I typically only use them when the deal has solid cash flow and strong equity

My wife and I recently inherited a property from my parents’ estate, and I’m trying to sort out both the legal and loan side of things.

There are various posts I've written that explain why.You just need a typical Purchase & Sale Agreement with an addendum spelling out the terms, proper authorizations and proper disclosures. 

What I’m trying to understand is: which platforms do real-estate professionals typically use to perform REP-eligible activities/work?