. - So, recommend having that first hire document the crap out of what you want them to do.

I would recommend at least $300-$400/month in cash flow after expenses to make this potentially worthwhile on a SFH.

Lastly, I’d recommend running the numbers for your long-term goals.

I’d recommend confirming the scope of work and checking with the Tennessee Board for Licensing Contractors to determine if a license is needed for your specific project.

What legal actions are recommended here?

Pleased to accept the recommendations of those more experienced than I and I thank you for your advice!

I would also recommend the RPOA meetings here in Grand Rapids.

I would recommend starting with those and then reaching out to an experienced investment oriented agent once you are ready.

Would this still be recommended if I planned on investing in different markets? 

I would lean towards recommending that you pursue the deal - plus having the property remain in your family may be a net positive for you and your extended family regardless of the ultimate financial return.