We preform 80+ rehabs per year for different investors and turnkey providers, There should be a standard for the finished product goal.

True office style suspended drop ceilings are tacky and dated, but if you could research a noise isolation product or way to mount ceiling drywall, it may help greatly.

What are the pitfalls of me getting into this transaction?

On the other hand, you could unwind the transaction by removing the nephew from the deed and quit claiming it back to the aunt.

Have you ever hired a lawyer to help structure complex transactions or seller financing (e.g., rent to own)?

Similar to the 08 housing crash oil is bouncing back from a huge recession and that affected the research and development of many of the big companies thus removing a large potential supply of oil from future production so it may catch up to us just like there’s a housing shortage in many areas now because of how many builders went under from the GFC.

I welcome all productive input and look forward to leaning on and learning from the vast experience and knowledge this group possesses. 

While I'm only about 2 years into my RE investing career, I've already been through a couple of paid events (only SFR flipping, not commercial multi-family yet) which certainly propelled my career forward but also included a whole lot of sitting through a bunch of 'Get Rich Quick' sales pitches to buy even more educational products.

Not all SF transactions pay off the existing  mortgage. 

If your experience is anything like mine, that part of the transaction will actually be the long-pole.