A very simple but big concern that arises is an exit strategy - what if you purchase the property over market value, and suddenly need to get out.

Depending on how the house is wired it could be a nightmare or it could be rather simple.

@Niecyy Louis it is a simple process just like it's simple to lose weight.

It's a simple way to keep up on maintenance.

It's a pretty simple process really. 

My issue is simple, I have no idea what direction to go down.

Keep it simple (easier said than done)Meaning:a 20k to 40k rehab is 10 times simpler than a 100k rehab (although the budget is only 2.5 times)A 100k rehab will likely yield a much higher return but the complexity will by many folds.

We tried looking into buying out the other members but the percentages were so high that she would end up losing the house anyway from the monthly fees.I am not sure how to proceed as I've mostly just dealt with simple turn-key properties or simple lending. 

March marked the largest one-month increase ever recorded in the more than 25-year history of the Zillow Home Value Index — surpassing even the housing run-up preceding the Great Recession — and the 10.6% rise from March 2020 was the largest annual increase in 15 years.But that view ignores the fact that the housing market doesn't operate in a vacuum, and is driven by the interactions of a number of relatively simple but critically important fundamentals — including supply and demand, financial conditions and technological advancement.

Someone can probably give you a more detailed answered but my simple mind says if looks like a good deal lock up the contract with an inspection clause and then get your title company to look into the covenant and give you all the details and implications.