I don't know CLE per se (I'm based in STL), but I know the financial side of gut rehabs in urban centers of big cities.

From AI Financial difficulties: Despite the $35 million investment from REV, Tuesday Morning continued to struggle financially.

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. 

The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Account ClosedI recommend that have a consultation with your tax accountant and/or financial advisor on ways to reduce your taxes. 

Dallas was the hot market post the financial collapse of 2008.

I don’t have the financial IQ yet as Kiyosaki would say. 

@Ketch BaysStarting small in a cash-flowing market is a smart way to gain experience and build confidence without overextending yourself financially.

Leverage the CPA path: Your auditing and financial background will give you an edge when scaling.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.