I will approach it cautiously and ethically.

You can never be too cautious when running the #'s so be sure you have included all the variable expenses before you move forward. 

@Michael Win your right to be cautious and do your due diligence.  

But I'm also very cautious on what I think is a deal/is not.

I would be cautious about this.

These would be personal properties that I have the opportunity to buy from work, but I'm pretty cautious with these types of deals, we see a LOT of property come in from other investors who went "turn key" and got hosed pretty badly.  

I would be very cautious about pitching anything to your FIL.

Be cautious about spending your money on any program and use your funds towards your first investment property.

She is renting it out at $850.00 a month.I will be getting the numbers this afternoon, but she is frantic, and is willing for me to take over the 275K loan, deeding the property over to me, leaving her name on the loan.This will be my first property if it goes through, so naturally I am cautious, and would rather take it slow, but her deadline is Wednesday, so I need to overcome my reluctance if we are to do this thing.I'm wondering if I should just be a private lender to her, allowing her to get caught up on her loan without going through the bother of purchasing the building.

Sometimes the unknown is the way to go be cautious but really what's the worst that can happen you loose your shirt I'm sure you'll find away to buy a new one good luck