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

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

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. 

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? 

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.  

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.

But this will also lead to future inflation.The issue is going to be the rich will get richer as they can live with lower cash flow but gain appreciation.

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.

I sacrifice today in order to reap the rewards in the future. 

Given your financial constraints and the property's ineligibility for historic tax credits, this approach allows for reinvestment into assets more aligned with retirement account rules.For future real estate investments, you don't need an LLC for tax reasons.