Purchasing first rental property

[Ked Johnson]

Hello everyone! My wife and I are purchasing my mother in-laws home and we plan to eventually use it as a rental property. This will be our first transaction. She's no longer able to make the mortgage payments and we've decided to take over the loan for her. It's about 57k left on the loan. We decided to take it over because it was likely to go into foreclosure. We feel it makes more since to keep it in the family. The home does need to be renovated and we're going to look into loan options after meeting with a contractor. We're also looking to purchase our own primary residence within the next year. It's important to me an my wife that we do so. Does anyone have any advice on how to go about the process of getting the home renovated, rented and then purchasing our own new home as a primary residence. We're unsure how having the rental property on our credit will affect us getting the home that we absolutely want. Any insight would be helpful! Have a Blessed Day!