Purchasing an In-Laws Primary Residence

[Dylon May]

So, basically, my wife's childhood home is in a state in which I cannot explain. I know for a fact that it has been through the pre-foreclosure process at least three times, and I know that my mother-in-law reaches out to companies to help her with foreclosure proceedings. I really do not know, because they do not share that information with me. My wife tends to do her paperwork for her mom and I sometimes find documents around the house regarding bankruptcies, foreclosures, and personal information that my mother-in-law sends to other companies to help her.

Before my real estate investing adventure I told my wife that I would love to buy her childhood home. It sits in a great place, great neighborhood, and this home was the first built there. I know firsthand exactly what needs to be done to the house, and I know firsthand what has been done to the house as far as renovations.  The bank WANTS this house back, but I want to buy it. I expressed to my wife that I would rather keep this home in the family than let the bank take it back and sell it to somebody else to make a profit off of it when we can do the same thing and keep the income in the family.

My question is, where do I begin, what should I be looking for? Who should I be reaching out to and what types of questions should I be asking? I want to buy this house, and maybe rent it out after we have satisfied the owner occupant requirement.

Tell me, what should I do? What do I need to do to make sure that I'm in a better position to purchase this home and keep it inside my family?