To make extra sure it appraises high enough for the refinance, this would be after I talk to an inspector and get a few GCs to bid the job, might also get a structural engineer to come up with a repair plan for the GCs to look at when getting me bids.

The tax advantages of buying/holding gas stations are pretty great.
Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year pro...

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Hi @Rolando DeLeon, this is a prudent question here!

I don't want to go into details on a public forum, but the house is worth very little and at their age/state of health, they will really need the full amount from their house. 

What is this property best suited to offer.

The expenses of the mortgage, property taxes & insurance and HOA (if applicable would have to be at or below the number- in this example, $8,000).

Mike is correct this would be viewed as self help.

You are embarking on this alone? 

You have done this before and have experience with flipping.