So my question is this...Since he only agreed to sell the house 24 hours ago, and it's a standard one page purchase agreement (I saw it) but not a CAR form, doesn't my relative have 48 hours to back out?

Regarding parking, the garage is a two car garage, but we can actually fit 4 cars inside because of the depth of the garage, but only two bays. 

As for desirability - it is really a combination of the difficulty of travel (remember Uber uses Pittsburgh as the testbed for their self-driving cars due to difficulty and abundance of "features").

We're building a new spec home right now:  3 bedrooms, 2.5 baths, detached 2-car garage, approximately 2,500sf, located in the Alamo Heights ISD. 

I feel very confident that under the tutelage of @Lucas Carl I will continue to be successful.

We see shootings, sexual assaults, home invasions, car thefts, etc. in this area.Southern Lawrence Township.

I would sell all my furniture and get rid of everything before moving, I plan on just packing my personal stuffs and driving my car over there.

If you inherit it and are involved in a legal issue (car accident, anything like that) then the house could be an asset that is seized to pay a debt, especially since it is not your home/residence.  

Keep in mind your 650 tenant to qualify needs to make 3X rent.. that's less than 2k a month.. take out the rent take out 150 to 200 for utls that lease basically 250 bucks a week to pay for their car their phone.. food cloths , most have kids the dog food etc etc.. these are folks that live pay check to pay check.. so to think your going to get stability in that renter is wishful thinking and or you simply don't know what you don't know.. 

Here is what I generally use in Memphis for my ratings:A+  no cashflow whatsoever if you bought here, good appreciation, great schools, larger houses, beautiful homesA great neighborhood well kept mostly all homeowners, more likelyhood of appreciation, not as great of cashflowB decent area but some homes are not perfect, quite a bit of renters but still homeowners, decent cashflow, decent/some appreciationC Very few homeowners if not any, more run down houses, good cashflow, very little appreciation, D&F  Warzone, dont event want to get our of your car, lots of boarded up houses, cashflow looks amazing on paper 2-3% rule "on paper" ARV < $45k