Should I sign a consent for letters of administration to be given to my Stepmother with the waiver of reports and inventory? Seems wrong

In theory, the waiver of an inventory and reports only applies to the normal requirement that those documents be filed with the probate court, and does not mean that they do not have to be provided to heirs. However, in many cases administrators who aren't required to provide those documents to the court don't end up providing them to the heirs, either unless their attorneys push them to do so. Keep in mind, however, that not waiving the bond, inventory, and reporting requirements will likely mean that the estate administration costs more, which in turn may reduce the amount ultimately available for distribution. Not waiving those requirements may provide you with better protection but there are trade offs. You are entitled to have your own attorney represent you on these kinds of issues, and you really should consider getting a consultation. No one in this kind of forum can actually review the entire situation and understand what's going on. Best wishes to you and please accept my condolences on the loss of your father.