.- Make sure the property appraises for the calculated ARV (After Repair Value) to get the best loan terms.- Consider the loan terms, interest rates, and any prepayment penalties.

Buying from a wholesaler with only two properties under your belt could be a real problem as their ARV is always too high and repair costs too low, depending on how much you know to date.

The home would sell for around 460k right now with minimal repairs needed.

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

It's a bit of a costly repair relative to the price of the fridge - they need to be replaced for around $500.

I myself have done much of the repairs and have helped him with these properties for over 20 years.

But you need to learn all about landlord/tenant laws, how to do basic repairs, know what average labor and material costs are for common projects. learn about payment systems, how to interview property managers, tenants and handyman services, build a team of realtors, contractors, title, hard/private money lenders, inspectors, appraisers and soooo much more. 

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.

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