You also have to ask about delivery costs and more.LABORLabor charges are trickier to understand, but Google AI to the rescue! 

I'm getting nervous that the area is eventually going to become unlivable because of the prohibitive cost of the insurance.

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

Basically dollar cost averaging. 

@Ben Syzek with $50k, you're probably looking at a property with a total cost (purchase price + reno) around $250k.

Aloha Joshua,  I deal with clouded/messy titles often and it's not my first choice as its froth with a lot of time, costs and risks. 

It sounds like you would make them available at an additional cost?

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

It is always valuable to be able to walk into a property an analyze cost to repair, it is a huge factor in determining the feasability.

Your ability to accurately estimate costs and efficiently manage renovations makes you an extremely valuable partner in any deal.