Buying out family members on grandparents' house for F&F

[Ashley Benning]

My grandparents left their home in Northridge, CA to my mom and her two sisters. My aunts cannot afford to put any money into the property, and it is in desperate need of repair and update. It survived the Northridge quake, but has some damage still (grandparents needed the FEMA money to survive, and couldn't do the repairs, apparently).

I would like to buy my aunts' shares of the property, then rehab and sell the home. My mom would be a partner with her 1/3 share.

Is it possible to get a HML to buy out my aunts and finance the renovations, do you think? And how would that work? Do we need a realtor to literally SELL the full property to me and my mom, or can I just do some sort of transaction with a contract where I purchase just my aunts's shares? I have no idea what this would look like. Anybody ever done anything similar?

For those interested in the numbers, the home is 3 bed 3 bath, 2280 sq ft with pool on .4 acres. I estimate it is worth about $600-650k in its current state (kitchen doesn't work, my grandparents were hoarders... It's just a bad situation), but ARV is probably $850-900k.