Advice for in-laws home?

[Jorge Vazquez]

Hey, i need some advice on a current situation.

My in laws were selling their house about 2 years ago for about 250k but took it off the market due to my wife's step dad being diagnosed with Amyloidosis. They're getting ready put it up on the market again soon but told us if we wanted it we could take it for 230k, which will break them even. Im pretty sure theyll be asking for at least 260k now on the market. There are a few and minor things that needs repairs since they maintained the house pretty well(second family to own it), just needs some upgrades.

Her step father came up with the idea of us buying it from them and they'll be renting it from us till they decide they're ready to move back to Delaware or downgrade to an apartment, that way we get some income on the side and also help our credit score.

We're a starting out family, so my wife, daughter, and I live in my parents basement. My wife recently graduated from her school and is now waiting on her license to get a job and my current job/income isn't that great.

I'm not very optimistic about my wifes step father living until next year, giving us enough time to save for a down payment though. 

I feel like this could have some potential, but since I'm new to RE investing, I don't have enough knowledge to fully take advantage of the home. I thought about house hacking it for a year or two til I'm able to do the upgrades necessary, then having it as a rental property.

What do you guys suggest?