The first house that I bought was 17 years old, 3 br, 1.5 bath, brick ranch house with hardwood floors, Andersen windows, ceramic tile baths, gas heat and a brand new roof. 

So back to being a real estate investor: the only way to be one is to buy a property and create value out of it, whether through finding a below market value house and selling for a profit, or renting and creating cash flow.  

This question seem pretty naïve for someone that's flipped about 30 houses. 

If I were in your and/or your mother-in-laws shoes, I would go to a local bank and use the free and clear house to secure a $150K+ line of credit. 

@Michael Daniel Ultimately, it's all about confirming what the housing authority pays.

Most traditional property managers don’t handle this setup due to challenges like managing tenant disputes, coordinating overlapping move-ins/outs, and the risk of Fair Housing violations when selecting tenants.

Leverage Local ResourcesEconomic Development Grants: Check with your city or county for grants or incentives aimed at affordable housing or community improvement projects.Local Banks or Credit Unions: They may be more flexible than larger financial institutions, especially if your project aligns with community needs.Partnership with Nonprofits: Collaborate with organizations interested in affordable housing or sustainable living.4.

If the property is vacant, you will attract a larger pool of buyers as not everyone looking for a house wants to use it as a rental.

Lake house, cabin feel, waterfront etc.

I wonder who still makes houses like this.