I want to keep it in the family (my grandparents originally bought it in 1957), but I’m unsure about the best way to move forward with the repairs.

I would think a detection device would be easy to fool or disable, and difficult to prove in court.I would focus on inspections and look for the following evidence, then document with pictures, written warnings, demands of cleaning/repairs, and follow-up inspections.

Because of your loan size, I would advise to buy the rate down using up to 2 points as those usually have the quickest ROI for the payment savings and you will not see rates drop low enough probably to do a refinance that makes since as it would take longer to recoup the cost of the refinance.HomeStyle Renovation loan does require all work be done by a GC so you cannot help with the repairs. 

Your real life returns will be slashed due to - higher vacancy rates, high maintenance and repair costs, non payment of rent, eviction filings.Here are some good cardinal rules I follow:1.

His roof ‘inspection’ was done with binoculars and he missed almost a 5k repair that was fairly urgent—so you may not want to use that co. either.

The worst of them refuse to make repairs to 100 year-old buildings, creating a slum lord problem and giving all of us a bad name in the eye of the public.

Concessions: Ask sellers to cover closing costs, repairs, or provide price reductions.

A CPA can make sure you maximize those benefits (like depreciation, mortgage interest, repairs, PAL, etc.) and avoid costly mistakes.

The amount of work and repairs that go into it may never catch up for you if you are maxed out on renovation budget.

maybe some light repairs after the tenant moves in...so your first few years after a purchase are typically stabilization, and you investing your money into the property.