Helping family with fixing up house then renting.

[Robert Crossman]

Here is the situation. My uncle has a 3 bed 1.5 bath house that my grandparents built. We are trying to keep it in the family. The house needs a new roof and new siding. It has asbestos siding. The basement is about 1000 Sq ft and it is finished into an apartment. It had a leak that caused a lot of damage so it has not been rent since the leak. The leak has been repaired but the wall has not been repaired. The layout is a little weird but it could potentially be turned into a very nice 2 bedroom 1 bath or 2 bedroom 2 bath apartment. The median rent for a 2 bed 1 bath in the area is around 1600 for 800sq ft apartment. He owes 67000 left on it. I was thinking about buying it at that price then doing a cash out refinance to take out 100000 for repairs a rehab. The house is worth around 300000.