New Investor - Potential First BRRRR House

[Chase Harmon]

Hello All - Even though I have been listening to BP podcasts and floating around on the site for a little bit, this is my first post.  Please let me know if there is a better place to post questions like this.

Background: My mother-in-law recently approached me about buying a property that her mother currently lives in(she is about 6 months away from moving into a nursing home).  The home is an 1856 farmhouse on a large piece of land in central PA (5br 2 ba).  The house has not been appraised for >50 years but a rough estimate would be $350,000.  The house also has 6 stables and a training pen.  The home does not have any structural issues and has been relatively well maintained.  However, it is need of some modernization(kitchen is 30 years old, plumbing and electric need updated, paint, etc). 

Proposal: We have not settled on a price for the house yet but they have made it clear that they want to get rid of the house(they are very well off and do not need the cash). Therefore, I think I will be able to get the home for <$100k and will not be forced to go through a bank. Based on the high home value and low purchase cost, I think this may be a prime opportunity to do a BRRRR. I have no intention of living in this home for the next minimum 20 years. While cash flow would be nice, I am happy with just paying off the mortgage/building equity.

Questions:

I realize this is a fairly vague post from a specifics standpoint, but I am trying to do an initial assessment if I should take the opportunity.  

• The location of the home is in a small rural town about 10 mins from a city of 30k.  However, I have some concerns about finding a renter who can justify such a large home?  I have considered using it as an Airbnb as it is near mountains, fishing, hunting, etc.  Also, I would consider splitting the home into apartments but would prefer not to alter the exterior of the home, which may make it difficult to split up.
• Are there any positives to go through a bank opposed to just paying my m-i-l directly?  I currently rent my residence but plan to move to Ft. Collins in 1.5 years, where I want to buy 1-2 rental properties a year.  Without going through a bank, it will be difficult to pay for the renovation costs quickly.
• Do you agree that based on the low purchase price and high home valuation that this is a prime BRRRR opportunity? I want to get my cash out of the home ASAP after rehabing
• Would you take this deal?

Any advice would be greatly appreciated!