Nice.

You have too many full time jobs going on. 

Close to restaurants and bars is great, but if not, a nice neighborhood that's walkable, that's close to "stuff."

Great job! 

Depending on the value of the property it may eventually be sold on a tax deed but in the meantime, I believe title would simply remain in their estates or in the last to die's estate.I doubt you'd be able to find a legitimate charitable org to accept a deed from you and your sister without being able to get a title policy otherwise they'll have to job of clearing the title and will still need your assistance. 

Because my husband is a contractor, this will be his full time job.

I hope you aren’t a teacher, mocking kids because they don’t have a job or something like that.

Given that  you will have 5% into it then the ROI could be astronomical, if rents go up nicely and also the prices go up nicely too.

Nice! 

I own some rentals that I purchased as my original home and turned them into rental.I have a full time job so this would be handled by my General Contractor.