It may cost more but the risk just isn’t worth going with someone uninsured.  

dont over think this its not that complicated. important issues are.1. cost of capital2. knowing what a deal is or is not.3. good reno crew or contractor  4. good agent that will tell you straight what its worth when done and what level you should rehab to.5. a market that is actually moving napkin math works  trying to drill down to decimal points does not.

If you don't feel it's worth the trouble then you may choose to move on from it. 

You may have heard that staging your home properly can make a big difference when you sell your house, but what exactly is home staging, and is it really worth your time and effort?

Quote from @Caleb Brown: I think it's not as worth it for builders.

I love how you’re already thinking ahead about the resale.

You are a high w2 earner, The house is worth 110k today, you are buying from your grandma for 60k in exchange for free rent for life, upside ARV of 200k.The costs of owning the house will help provide tax relief on your high w2 earnings, you are buying a great chunk of equity that will pay off in the future, and you and your grandma are doing each other solids. 

Maybe if worth $300k, someone will purchase at $250k.  

All content is available online and is not worth 10K.

Here are some details: 1) The condo is in Kona Hawaii and the three of us all live in Colorado2) According to Zillow it is worth just over a million.