So if the house is worth $500k once finished, then I'd go for it.....But first, talk to a Realtor and a GC.

If you buy regular keyed locks (non-electronic) as Nathan Gesner recommended, then buy Schlage because they have a lifetime warranty on mechanical and finish. 

Hey Jaycee thanks for the response.So far I've seen land at a minimum 130k, national databases estimated build costs to be anywhere from $120-200/sq ft & had a realtor supply comps for the building to be around 530-550k when finished.

I promise you will have options once you finish renovating.If you purchased correctly (location & purchase price), you will have enough equity so that you can either sell it for tax free capital gains, cash out refinance (if mortgage rates are lower), or pull a HELOC to acquire your next property!

If it is big enough that they could all fit in one side, then maybe she could still only charge her father-in-law $150/month and maybe rent out the other side to someone else.Her current house actually has a basement that could be finished into an apartment.

I’ll update after I finish the process. 

Look and finishes would be similar although lot is quite a bit longer on the property I'm looking at, about 3x the length of that property.

Hire a college students/or architect from other countries who can do 3d rendering at a very affordable rate (I pay $200 for 4 first time super realistic 3D renderings of the exterior, repeats are even cheaper) and do a number of elevation studies before you down select your exterior paint and finishes.  

Purchase price: $172,000 Cash invested: $43,000 We purchased this rehabbed home and added a privacy fence, removed overhanging trees, finished the countertops, built a firepit, security system, camera's, fixed the sidewalk and turned it into an airbnb.

Purchase price: $172,000 Cash invested: $43,000 We purchased this rehabbed home and added a privacy fence, removed overhanging trees, finished the countertops, built a firepit, security system, camera's, fixed the sidewalk and turned it into an airbnb.