My mother in-law has a SFH in the Houston TX area, and she's having some financial trouble for the past year and is willing to sell the house.

The SFR is a 4 bedroom 2 bath home, the mobile home is a 3 bed room 2 bath home and the mother-in-law quarters is a 1 bedroom 1 bath structure.  

I had planned to invest with my mother using funds from her IRA within a corporation.

We have a seller who has POA for his mother.

My mother has one house with Foremost, they are expensive.

My mother-in-law wants to add my wife to the deed of the townhouse in case.

I have seen some cry, pray on the bible, swear on their mothers grave, etc. and it was all a lie.You have to be tough in this business or you will get eaten alive as a landlord.

In 2013 I lost my step mother(mom) to cancer she left behind many assets and a bit of money for my family and I.

I had a question regarding getting a FHA 203K rehab loan the property I am wanting to purchase was built around 1945 ( there is no Lead Paint ) as far as I can tell This is a distressed property , and needs around $20,000 - $25,000 in repairs done ( new roof, new A/C unit, painted inside and out, all new flooring, Bathroom remodeled some and the same with the kitchen, some electrical work ) The property is in a Trust , and my Mother is the Trustee of the property ( is was my grandmother's property ) The likely sell price will be about $55,000 - $60,000 ( this includes the pay off of the property, the repair costs, closing and the pre-paids )The pay off for the property is $29,000 The ARV ( from the research I have done, should put the property in the $85,000 - $90,000 range ) after it's fixed up I already have a licensed and bonded Contractor, lined up to do the work ( they have worked on and know all of the guidelines for FHA 203K loaned properties ) There is one thing I am a bit concerned about, and that is....

I know Averill Park fairly well, I went to RPI, my wife grew up in Troy and my mother-in-law lives in Albia (off Pawling), and my full time job is in Castleton.