It can tell you a lot about how they'll be/treat your property once moved in!

With that kind of acquisition strategy, it might benefit to utilized a delayed purchase because most lenders struggle to underwrite deals in the span it takes for the auction to close.If you do it delayed, you can stay mostly liquid, then follow up the purchase with essentially a cash out refinance of the purchase price with rehab funds being put into an escrow account as well.Would be happy to explain further, but my clients that operate that way tend to prefer that method to keep getting their cash tied up too much. please explain further sounds phenomenal Jacolby,You purchase 100% in cash, then you do a refinance of the purchase price (usually about 80-85%) and treat it like you would if you were 'purchasing' the property again (so downside is additional closing costs) and add the rehab escrow to reimburse for the rehab being done.

We hired a remediation company, who recommended that we strip all the drywall/plaster from the walls to treat the smoke smell within the wall cavities. 

My thought is to treat it as a rental now and only fix/update what is needed... 

Even though they are family, I recommend you treat them as business partner in this scenario. 

House hacking makes your tax situation more complex.You purchased a property that is treated as both an investment property and a personal residence.

You guys want their business and they will spread how good you guys treat them and grow.

That might cause them to treat it more carefully. 

Take your time--don't feel discouraged and treat your place like an asset.  

The court would object if it is not adequately funded or could object of a creditor is unfairly treated over other creditors or for a multitude of other reasons.