You want to minimize taxes.Not only these are separate goals, they can pull you in opposite directions, so you will have to prioritize. 

Hi Alex,Like my colleague mentioned, you could either purchase the property from your grandmother, but would need down payment / reserves to support loan requirements or have your family add you to the title of the property to meet minimal seasoning underwriting guidelines to refinance the loan in your name. 

Otherwise, renovate the garage into a man cave, while keeping the garage elements to easily convert back with no or minimal cost in the future.

The unit we currently live in would rent for the same amount minimally, most likely a bit more.

Go for the desirable locations in the city and if you’re investing from out of state or country my recommendation would be to stick with properties that require minimal rehab. 

Minimal backstory.  

Due to current market interest rates, I have a possibility of minimal cash flow with a vinyl property however with the brick property, I'm barely even breaking even.

However, landlords may subject the tenant to a minimal penalty which usually amounts to two-month rent.Both parties mutually agree to break lease agreement early.Either the landlord or tenant may ask the other party to break the lease early.

I like to "idiot proof" buy and holds to minimize repairs.Best to you!

There are also programs you can use with minimal seasoning (0-3 months) to get it based on the new value if you've done rehabs.