Considering a Master Lease Agreement on a Residence, Feedback?

[JuJuan Buford]

I'm looking at a residence in Bay City, MI. 

Avg. Sale Price is 57k. Owner owes 55k. 3 Bedroom. 1 Bath. The avg. rent is $900

The owner had to take a job in Detroit, because she lost her job in Bay City. Acquired an apartment in Detroit. Brother stopped paying the rent in Bay City. 

She wants to be rid of the home, because its breaking her financially, and relocate out of state to start her life over again. Views the home as an albatross around her neck. Made repairs to roof, upgraded kitchen and bathrooms, spent at approx. 15k making upgrades, and lost job shortly thereafter. it appears to be a lipstick project. 

Everyday I think about acquiring the home, finishing the work she started. Renting it out via AirBnB (its close to the water), or long-term rental could work. Paying her a portion of the rent, and using the rest of the revenues to make upgrades and save (I don't need the income) to cash her out. And then enjoying the rental income over time. 

The only reason why I haven't sent her a lease agreement is because its a 4 hour drive from where I live, and I'm wondering if this is a catastrophe waiting to happen for a first time home buyer. And I'm second guessing myself.