The property was purchased seven years ago for 56k in a C- neighborhood, which is now paid off and worth approximately 170k. 

Project took approximately 18-20 months due to contractor delays.

A very rough estimate puts the cost at around $800,000, not including the land.

There is a retaining wall that is bowing, which I had an estimate done during the purchase contract which the seller dropped the sales price for that repair.  

@Chris Rogers higher interest rates have caused most Class A property purchases to NOT cashflow for an approximate 3-5 years.So, many naive investors are chasing Class B, C & D properties to cashflow, WITHOUT fully understanding the scope of the additional risks involved:(Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

@Stuart Udis I think that's a valid point, but in my state, I don't typically see any harm in forming an empty shell Management Co to deal with third parties, given that the filing fee is relatively low, approximately $350. 

That would be approximately $3750 per month based on 5% mngt fee.

Before moving forward, I'm seeking advice on the best next steps.Contractor Estimates: Should I get a contractor to inspect the property and provide an estimate for the repairs?

Foreclosures, short sales, and off-market deals can provide these opportunities.Target up-and-coming neighborhoods with increasing home values rather than already hot areas.Research comparable recent sales and get an inspection to accurately estimate the after-repair value (ARV) before making an offer.Follow the 70% rule - the purchase price plus renovations should not exceed 70% of the ARV to leave room for profits after selling costs.Focus renovations on maximizing returns - kitchens, bathrooms, curb appeal rather than over-improving.Hire experienced contractors and have a project manager oversee work to keep things on schedule.Price the renovated home at or just slightly below comparable recent sales to facilitate a quick sale.

If sold before his death a good estimate would be pretty close to 20% of the selling price in federal taxes. (15% on the capital gains which is nearly 100%) plus 25% on the building’s depreciation.