I remodel making sure that future changes are easy.

A project like that will probably take 6 months to 1 year, so what's your expectation for future rents?

Quote from @Raif Jochim: Bigger Pockets Community -I'm trying to plan for the future and have a question I'd like your thoughts on.  

You will pay the 21% corporate tax and then you will be taxed on your dividends in the future. 

The overall LTV (including all 3 mortgages) will be key and your selling point will need to be that the 2nd mortgage ($8k) will burn off in 2.5 years (based on your surprise that it was even out there, I'd recommend that you follow up in 2.5 years and ensure that it's been satisified, so that it doesn't surprise you again in the future).Does the $8k grant vest over the 5 years? 

Below is a link to the rent assistance program in Canton, Ohio; I would collect the current rent from the family and then provide them with this resource for help with future payments. 

I'd personally never take capital that I am paid to manage without committing my full-time effort to the situation and putting a majority (I reserve the right in the future to make this 1/3rd of my position) of my wealth into the situation. 

In other words if you do the electrical or plumbing repair right the first time it’s highly unlikely you will need to repeat the same repair again in the future.

Even with trump's aggressive plans for mass deportation and border security, I also have to think long term about future presidents' agendas towards border control too, and anticipate potential presidents being more loose on border security.

With the current market conditions, I can definitely see more of these type properties becoming available in the future.