Doing this favor for your family is incredibly commendable but it may be very costly to you. 

You don't want a lot of options, you want the best options as tenants which means the best credit score you can get for your area plus cash to rent.

This is an incredible market to buy into but not without challenges.

Also, getting any property in Petworth for that price now is incredible. 

I have a 750+ credit score, no debt, and my monthly expenditures amount to about 10% of my income.

However, having a low credit score is a red flag to lenders.

Even though my personal Credit score > 710 they want some security. 

I would tend to agree with @Dan Heuschele, unless you are incredibly confident about your team, it is way better to make 10-15k in an assignment fee than losing 40-50k in a flip that went sideways.

I have seen it done with 12-24 months worth of commission history, If there are positive contributing factors like large reserves, and good credit scores.  

Again more cash than cheques Both credit scores are above 750 and can comfortably save a combined 60k yearly to invest in our desired market (Central Florida).