If you would prefer to do it on your own than that is fine too and you will just have to grind it out and save like crazy but it will be worth it.

That's fine.

Cash on cash is only what you are receiving divided by your expenses.

I would list the property and advise the tenants you are planning to sell. if they want to stay month to month, that's fine.

However, if you inherit it through her estate, you receive a stepped-up basis to its fair market value at that time, reducing tax liability upon sale.Gifting it now has no immediate tax consequences unless its value exceeds the $18,000 annual gift tax exclusion (2024).

@Adonis Williams, you've received great comments: It depends on so many things, including FICO, LTV, type of loan, etc.

How can I strike a deal where they can still receive some income from the property, but I can purchase the home and make my share and eventually (1-2 years away) own the home and eventually get full profit from this 8-unit property.

With respect to paying $44k off on your HELOC, I personally think that is totally fine and a great start. 

Once she receives a voucher, you’ll need to register as a Section 8 landlord and have the property inspected to meet HUD standards, which can take 30–60 days.If you want to move forward with rehab quickly, a cash-for-keys arrangement might be faster.

If you want to fix it up while it’s still in their name and then sell it tax free, fine.