Grandma moving out of house. Is there room for me to flip?

[Andrew Esper]

I'm new to real estate investing. I am interested in the concept of flipping houses or long term rentals, BRRRRR.

The house in question has been in my wife's family since it was built in the 1980's.  It is 3000 sq ft, fronting on a lake.  According to Zillow, most of the comparable homes in the neighborhood are listed at 2-4x this one.  

I do not anticipate that my wife and I receive any direct inheritance out of the transaction.  

I feel that the house needs to be fixed up in order to attract the best buyer attention. Fixing up includes: paint and flooring throughout, reface kitchen cabinets, countertops, and finish third floor. The third floor is currently unfinished space, but has a stairway to make it a legitimate floor.

My questions: 

1. If the family (my wife's mother and uncle) need to sell the house, what services could I, as an aspiring real estate investor, offer?  

2. What would be the most contractually clean way to participate in the transaction?