Looking to get some insight on this possible opportunity

[Gabe Munoz]

(This would be my first home/investment purchase) My family is looking to sell my grandmothers duplex towards the end of the year. It is in a nice family neighborhood and 10 minute drive to the PATH. House was built in the early 90s and has low monthly maintenance expenses. Water heater and HVACs for both units were replaced within the last 2 years. Each unit has 3 beds, 2 full baths, and a a 2 car garage. The basement is finished with a full bath which i will use as my own residence (assuming this is legal through the town). My father and aunt are the executors of the house so i am trying to find ways to sculpt the deal to make the property cashflow. Similar duplexes that are significantly older than my grandmothers are selling for well over $650,000. I would be able to purchase my grandmothers duplex for $550k-600k. The main issue with this deal is the house wont cash flow due to the low rents in the area. Rents for 3 bed/2 baths are in the low $2000s. After calculating my expenses, i would be -$500 a month minimum.

The only idea i could think of was getting a mortgage which is half the value of the house to pay my aunt off first (about $300,000), then work out a deal to pay my father off in time. Only issue with this is my father wont get his full half of the house for a long time or my cash flow will still be very insignificant. The only positive that i am seeing with purchasing this house is the immediate equity that i get from the deal. 

Im sure i know the answer to this question. Is the immediate equity in this house worth the negative cash flow for the first 5-6 years? And is there any other way I can structure a deal to make the numbers work?