Buying Family's house

[Karim Baker]

Hey all, a cousin inherited a house he doesn't want and I think it's a good opportunity for me to buy. It's a 4 bed 1 and ½ bath, 1350 sqft built in the 1960's. 100k mortgage and updated homes are going for 400-450k. Its a c+/b- neighborhood in San Diego, but from what I hear it's had some mold issues in the past and the last tenet moved out a couple years ago because it had a lot of delayed maintenance issues. I haven't seen the inside of it for years but everything was outdated so I expect a healthy renovation budget. My cousin doesn't have the money to fix it, so I'm hoping I could get it close to the mortgage value and use a 203k loan for repairs.

I've been out of state for a while and am curious about the best way to make this work, and cover all my basis.

Thanks all