I feel there is a bunch of risk with this and really just want to get it off my hands as cleanly as possible.I have a relative who owns a house free & clear 4br / 2.5ba house that is around ~250K fixed up but is currently in bad condition.  

@Edward R.If you purchase a property and it is vacant and there it is not in livable condition - you may not get the tax benefits that you are looking to achieve.

The house in relatively poor condition and has been vacant for some time.

You've got a good path forward planned out here.The one mindset thing I want to encourage you to tweak here is about the price/value of the home -- I see people making this assessment every day and it monolithic and rarely ever as simple as:  the home has been on the market longer than the average Days on Market so somethings wrong (price, terms, or condition).It MIGHT be true, but there are a dozen other things that might be true. 

There's an argument to be made for a sliding scale depending on the age of the home and the condition of the systems. 

He has quite a bit of experience in buying and selling real estate himself as well so he should have some professional/personal insight.Also at this stage we are having them uncover the tank to ensure it is still there and at least start assessing the condition.

With 6 people living in the apartment check with the local agencies about housing conditions.

I would accept under the condition she pays you 1st & last months rent up front + security deposit.Good Luck! 

They may issue the policy with a condition of "proof of work completion within a specific date (i.e. within 60-90 days).

It has a roof that’s only a few years old, overall has solid upgrades. 3/2 side is in good condition, may just need paint a possible flooring (tenant has lived there five years, kept it in good condition).Address: 2902 Boyd Avenue Indianapolis, IN