Also work out what 5% vacancy looks like in an 8 unit-number of months-allowing for some down time to renovate you should have quite a bit of difficulty hitting that number (that's almost 5 months of vacancies) I can't get close to 5% in my 12 unit building; more like 3% max and that includes some reno at turnover.Do your homework on the price, get an inspection and don't look back!

I definitely understand the anxiety with working with family, but I think with the right approach it can work out. 

If you have a ton of money it might work out, otherwise I would definitely look elsewhere.  

I have read some posts where the recommendation was to do month to month leases in order to have an easy out if things don't work out, and in addition to rent the rooms furnished to minimize wear & tear by short term renters moving furniture in and out.

I have not worked out the specifics on what the mortgage balance on the home is, how much they have totally invested and what the foreclosure date is yet BUT once I do talk with them further and if the numbers work out I would seriously like to see if they will allow me to try and wholesale the property before it gets taken by the lender.

However, this would not work out so well if the market were to drop on the back end. 

Or work out other deal that does work with relative, like carrying note on it or something else.

Have a heart and genuinely wish to help people and everything will work out.

Did something not work out with their plan?

This is a trick to get more work out of your workers by giving them "a free meal" at the jobsite which you expect them to compensate you for by shortening their meal break.