Investing in Grandma's inherited property. Good idea?

[Anthony Ortega]

My grandmother and her sister inherited a 2 bedroom 1 bath + bonus room home in Southern California from my great grandparents. They inherited the property about 4 years ago. In that time the house has sat empty due to needing work to make it rentable.

They don't have the capital to fix it up and aren't interested in selling the home.

I am considering offering them $50,000 to fix the house + $10,000 in the bank to have ready in the event any surprise maintenance issues come up. So it'll be a $60,000 investment total.

Conservatively, the house can get about $2,000 / month in rent. $2,000 × 48 months (4 yrs) = $96,000 in lost rent over the last 4 years.

My question is... What options do I have as far as structuring a deal that is fair and get a decent return on my investment?