Is this worth perusing??

[Ezra Shami]

Hi, I have an interesting situation and I'd like some advise. Basically my grandparents owned a home in a very hot neighborhood. They both past away recently and now my parents and uncles want to sell the house.

A little backstory, my grandfather bought the house in the 80s for about 80k cash. In 2008 they took out some loans on the house for investment opportunities and well im sure you all know how that went. Well now there are a bunch of issues.

First off the house in its condition (not good) now can probably get about 1.5 - 1.8 if not more. But there is about 800,000 dollars worth of debt on the house which they are trying to settle before selling. Then there are issues with water bill,electrical bill, and probably other bills that haven't been paid in years besides for minimum. Last but not least the house is in my aunts mother in laws name. I dont know the reason but i assume it was so they wont lose it.

Now my question is, is there anyway I can take out any more equity loans in the house so I can renovate fully and sell for a much higher price, can probably pull 3.5 for a fully functional higher end house.

Is this even worth perusing or should I not touch this with a ten foot pole.

Thanks all, looking forward for your expertise