The FHA qualified inspector will note certain things mentioned above like peeling paint, missing HVAC, broken windows, cracks in walls indicating possible structural, worn out roof etc.Yes...you can do an FHA 203K....I did that on my first house.  

So I want to get to the decision-makers without necessarily revealing the entire topic so I can at least get a direct refusal, instead of someone who decides not pass on the message as they benefit from the property remaining as it is currently, or in the future, and I keep  wasting time on the property anyway.   

I think with family the main goal should be to not lose money, so be prepared to "waste" your time if the deal is a break-even deal. 

Going by the hearsay of the sister might prove to be a waste of your time. 

Said he would reduce it to 50k (before he knew about the basement issue) Basement wall/footing needs replacement (quoted out at 17k) before any remodeling can occur.

Painting: $1,500 to $3,000 hired out on a 3 bedroom, 8 room house 2 story, includes wall prep.

Backyard noise can sometimes be reduced with a fence and high covering plants.Also see if the DOT has plans to put in noise walls along the highways for the houses that are close by.

It's a calculated decision based on at what stage and condition the building is in.For retail if there are no demising walls yet and it's in a cold dark exterior shell condition the all in costs for putting in walls could be 35 to 40 per sq ft with plumbing and ceilings etc.If you have demising walls already could drop to 25 to 30 a sq ft.

@Lear Walls We are just getting into raising private money, so I'm probably not the best person to answer.

Talking to the rep at the serve company is like talking to a wall.