I would personally would definitely buy in Albuquerque if the right deal presented itself.

What amenities are there and are there any items of deferred maintenance that will need immediate or near-future investment?

Especially the partner, so I want to be prepared with how to present this idea to her.Anyway, I can't commit to spending a ton of time analyzing deals and doing rehab work, so I'm thinking the best way to go about this is to find someone who needs someone with money, and is willing to do a majority (90%?)

...your agent should be present at the inspection to chat up the inspector on what they are seeing...your agent should have a copy of the report...your agent should complete a call with you to walk through all the items and discuss whether or not you should move forward with the deal...and they should put together a scope of work, refer contractors, and even manage the renovation.If you are working with an agent and they did not do this, move on immediately or your investing career will be very limited.

We are presented with the opportunity to buy the house for $2mm ( i.e we'd purchase my uncle's and aunt's share from them and my mom would give me her share ).

What type of volume and activity do you have to present to them that they can't find somewhere else.

My idea is to present them with two options: the first would be to form a partnership with the seller with which to purchase and rehab the property. 

I can refer you to someone who is if you need advice on how to present and structure this. 

This is rarely the case when you are picking up a property that has deferred maintenance.  

Most of the issues with this property were cosmetic, and I am still working to make things look more presentable for when I move out.