Free Property With High Back Taxes and Major Repairs

[Lee Castro]

So my grandparents are getting ready to sell there house which was built by my grandfather in the 70s. I was offered to take the house and begin my first investment. The problem is the house needs major repairs, has large overdue taxes and is in a not so great neighborhood. On a scale of A-D I would give the neighborhood a C grade. 

Just because the property is free should I take it? If so where do I start with getting funds to rehab the property.