Better way: Performance Trust Deed.That being said, I don't think you have a clear vision of either your objective or the current owner's long term plan.

In regard to going out of state for investments what is your objective with that, California is a big state that offers lots of opportunity.

The objective is to realize an investment gain which may be a challenge when its time to dispose of your RE condo. investment with fees & taxes.Like State & Fed capital gains, ACA (Obamacare) , depreciation recapture, RE fees, Closing costs and the like.

Since you're not the first person for which it occurs to dolicite the family of a deceased owner, you probably ought to slow down the sales conversion process.Your objective is to become an insider to the situation and you do that by being helpful, not pitching a purchase.I would re-write the family member(s) and merely ask if you can be if any assurance.

If not, I would counter offer a lower price and objections on every one of the problems identified in the inspection and see how much they are willing to repair and/or reduce price to adjust for current condition. 

My main objective is to STOP PAYING SOMEONES MORTGAGE!

Again - if your objective is cash flow, I believe it is the way to go. 

Flipping PropertiesIf the primary objective of your real estate business, or one of your real estate businesses, is to buy, potentially fix up an existing property and resell it within one year, the Internal Revenue Service can consider that to be an active trade or business.

House hacking is not my primary objective.

and then yet another object fell on the toilet and cracked the tank.