An opportunity to buy SFH (Condo)

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BP Family - needing guidance on a potential opportunity to help my grandmother.

She wants to sell her 2 bdrm + 2 ba condo in a (C+ - B-) neighborhood - (The Wingate Condominiums) in North Dallas. If you're familiar with North Dallas - it's near Walnut & Audelia :/

Her condo is in need of a full interior renovation, but she doesn't have the money for additional improvements. 

Comparable condos in her neighborhood are currently selling for $90K+ (after renovation)

Questions

1)  What is her next best move if she still owes 65% of the loan?

2)  Should I pay for the renovation and help her sell?

• Should I use my own money or are there other options?
• If I help her sell - how do I estimate a fair return for both of us? 

3)  Should we renovate, hold and rent the property out? 

• Less inclined to do this option, as neither of us wants to be landlords

4)  Should I offer her a fair price for what it's worth, then buy, fix, and flip?

Additional suggestions are more than welcome.

Thanks in advance!