As much as you probably want to help your relatives out (in terms of giving them advice), I probably would try to stay out of it.

This can theoretically be done with none (or almost none) of your own money if you find enough spread.How about going and talking to everyone you know, and everyone your parent's know, and all your relatives, and find some private money.

(especially in areas like Ohio where replacement cost can be significantly more than livable homes can be purchased for) And NEFF stands for Not Even For Free, your relative's best bet my be to see if they can give it away to a charity, but honestly most of them know better because they can't really do much with it either.

I don't understand what has to come from your relatives in Europe that takes three or four days.If this is just a matter of getting a faxed copy of a bank statement, you can go to an Office Depot or similar store and receive a fax.

Given your relatively low rehab budget and relatively small spread, here are the two things you should double check before jumping in:1.

You need to find out if your relatives goal is equity growth or cash flow??

Did your relative ever find a way to sell?

I'd recommend at least the former, just to make sure everyone is on the same page, but the degree of formality you take it to really depends on your relationship with the other partner.I'd say be clear with your relative about whether they are a partner or lender, and outline each person's responsibilities.

No matter what the path, you will have to agree on a price and buy out your relatives, unless they are generous enough to give it to you. 

You might be approved as a landlord but if you want to rent to a parent, child, grandparent, grandchild or sibling, there are special rules to follow that basically have to do with your relative being disable and having no other choices.