If you are going to replace the roof and windows anyway, I’d go with a gray roof, black windows and sconces, and paint the house white (I think the vertical siding fits the house, even if you replace it).  

In my experience so far, I've only run across people with one or two options that don't actually fit my requirements anyway. 

If you were working with me, I would tell you the requirements I need, and you would just bring me the properties as they fit my criteria. 

Definitely will weight my strengths and weakness and what fits me best.

Over time, I would be able to build equity in these assets that I would have claim to in order to one day convert that equity into money to use as I see fit.

. - If either set of us (both my parents/ both the wife & I) were to pass somewhere along the way, where do the children/heirs fit into this at all?

Redford, MI (B-,C, Neighborhoods)Warren, MI (C, Neighborhoods)Buy: $60k-$80kRent: $900-$1200Cash on Cash ROI: 12%-15% (Financed, Property Management, conservative savings)Cash Flow: $200-$350 a door (Financed, Property Management, conservative savings)Plenty more opportunities, more aggressive or more conservative, but these seem to fit your taste the best. 

I'm still buying properties that fit my buy and hold criteria and adding property management clients. 

Since I can’t keep up with the macro-economics, and everyone’s Chrystal ball seems to be equally cloudy, I’m just focusing on analyzing deals based on their individual merits, and making offers on anything that fits my buying criteria.  

If they fit the criteria you set for the property, then don't punish them for their in-law's mistakes.