Also only assuming interior work.What does the bathroom work entail?

The only way to buy the property for less than the mtg is thru a short sale, and all that entails, and you as a Relative will Not be allowed to buy it in a short sale......in other words, not gonna happen.

(This is your "I'm just the property manager landlord")Toby Flenderson: A completely ineffective person who cannot assert himself and if he eventually does he does it in a fit and it alienates him from others.

That is a great question for your property manager but generally just because you accept partial payment it does not mean you are giving up any of your rights as asserted in the lease(not a lawyer) .

I've always marked 'no- I am not a foreign entity' so I have no idea what that entails @Pablo Vinicius.   

Assert you are seeking knowledge, not a signed document to take to court.

Usually that entails obtaining a copy of their business license, insurance, and some other operating agreement type stuff.Also, the contractor you select needs to be OK with waiting until full completion and inspection by the lender before any payment is authorized and released. 

Landlord shall not be liable for any damage or injury of or to the Tenant, Tenant's family, guests, invitees, agents or employees or to any person entering the Premises or the building of which the Premises are a part or to goods or equipment, or in the structure or equipment of the structure of which the Premises are a part, and Tenant hereby agrees to indemnify, defend and hold Landlord harmless from any and all claims or assertions of every kind and nature."

You should get an architect to advise you on what it would entail.

@Todd Dexheimer what would ownership stock entail?