Deal Structure - A relative owns an empty diamond in the rough

[James Wicker]

My wife's nephew owns a 1943, 1000 sq ft home in south dallas. The home was purchased from the estate for 50k and is in poor condition and without a tenant. Identical homes in the area retail for 200k. The nephew doesn't have the initiative or money to do a full rehab nor does he want to sell at a discount because of its perceived value. Is there a deal that can be struck here whereas he retains part or all of the ownership and we share in the profits? Help me understand what that deal would look like as I want my first property to be the home my wife grew up in.