Spend the time, make the effort, and (hopefully) reap the rewards.

The last polling I saw showed that the large spending by the aids health foundation was working.  

How do I protect myself in this situation, while also helping a relative? 

Personally, I'd spend a little more if I knew there was significant value add there.

Spending $1,000 to start the process can be worthwhile if you’re clear on the steps needed to reach that point.As for renovations, the approach really depends on your goals and the scale of the work.

Additionally, I've been spending a lot of time evaluating condo / HOA management solutions and accidentally stumbled on ManageCasa, which offers a free trial and < 3 unit free tier that has allowed me the time to get in, kick the tires, and really appreciate their attention to detail and broad feature set that adapts to each unique industry sector.

Company overhead - you will need to spend $5-$10k per year on taxes and company overhead. 5.

Very different advice if you were looking to make $20k a month while spending your days on the golf course or lake. 

Frankly I would be less excited at spending any kind of money on a place that I don't own.

remember, these are NOT conforming loans, so all the consumer protections one might be used to having aren't there.