Getting that done correctly is your most important task right now and give them notice could throw a wrench into it. 

My thought was to use the next year to build good standing with the city while we can, and hope for the best in JulyThe property still pencils out for us if we have to do a long term rental on the other side, (ie very cheap mortgage for us in a great neighborhood) but there’s a lot more potential profit, obviously, if we get to run the STRAnd thanks for mentioning the WiFi, that never crossed my mind. 

I don't know you're living situation but it's extremely cheap or you're living with the family.

Probably just as easy to get a monkey to throw a dart at a US map and invest there.

If vacant you need to:what is cost of dumpsters vs buying a pick up or finding some hauler to throw away all the demolition  secure and board up and add cameras, get roof bids, order roof parts, roof needs to get on the house ASAPclean out dry wall, everything fabric throw away, cut up and remove carpet, mop the studs and floor with bleach and water solution (5% bleach), inspect electrical - maybe some shorts or problems, order flooring for kitchen and baths and new kitchen cabinets (measure like you are OCD ten times), how is the sub flooring?

Don't be cheap when it comes to inspections.

Seems as if the owner is ready to throw in the towel and be done with it.

in addition to what was said above, don't forget your mom as an experienced real estate investor could be a good mentor to learn the ropes, she may also have some good ideas to throw at you for how to purchase from her!

I'm gonna throw a few books in there as well:- How to Invest in Real Estate, Josh Dorkin and Brandon Turner- Be Obsessed or Be Average, Grant Cardone- The Book on Investing in Real Estate with No and Low Money Down, Brandon Turner- Buy, Rehab, Rent, Refinance, Repeat - David Greene- Trump: The Art of the Deal - take a guess :)- The 10X Rule, Grant Cardone- Set for Life, Scott Trench

Every deal needs at least two strategies for profit, you never know what life will throw at you.