I really want to jump into it as soon as possible but I know an emotional purchase is not smart.

Since my grandpa's wife is passed already, he has full control of the property, but if he were to sell the house, he would have to pay his wife's family a percentage of the sale, but he doesn't want to do, he would rather take out some type of loan (what loan is best in this situation?)

This is a really significant strategy, because getting control of even two or three buildings can change the course of your financial future.

You talked about location and size, but how are the things you can control? 

A local property manager can handle tenant screening, maintenance, and rent collection, which is especially useful if you’re not living nearby.Legal and Regulatory Considerations:Local Laws: Be aware of local rental laws, including landlord-tenant laws, rent control regulations, and short-term rental ordinances if you consider Airbnb.HOA Rules: If the property is part of a homeowners association, review the HOA rules and regulations regarding rentals.Financial PlanningRental Income: Ensure that the projected rental income covers mortgage payments, property taxes, insurance, maintenance, and property management fees.Tax Implications: Understand the tax implications of owning a rental property, including potential deductions for mortgage interest, property taxes, repairs, and depreciation.

This situation was beyond my control and I took quick, aggressive action. 

Do you want checkbook control or custodial?  

I think it's more important to have something to do that is both financially rewarding and emotionally fulfilling, if you can find what that is for you.

Dave Ramsey had $12 million in real estate as a young 20-year-old in the 80s and it all came crashing down when something beyond his control changed in the market.

Controlling your basis is very important and the quickest way to do this is to not overpay.