Really depending on the location.

@Kyle Dutson Depends on what level of security the private lender needs. 

Your decision to make depends on whether you’re looking to build quick capital or work through a renovation and refinance in the long run.Do you have a preference at this time?

Also there are people looking for locations for different things so that 18 acres might have a lot of value depending on how it's marketed and what it can be zoned for.

Purchased a multiunit - 3bd/1ba & 1bd/baCost: $490,000Down payment: $200,000Renovation Budget: $70,000Mortgage: $2100/month - 30 yr fixed @ 4%Expenses: $190/Month (Utilities, upkeep, and administration) Rental Income: $4000/month ($2400 3bd/1ba & $1600 1bd/ba)Profit: $1600-$1710 a month depending on utility costsTo keep costs down my wife and I did as much work as we could, such as painting, installing kitchen cabinets, laminate flooring, light fixtures, etc.

@Gregory Byrnes makes a good point — depending on how her estate is being administered, there may be funds available to pay ongoing expenses.

For the fixed lease, I may pay a little more than rental market value; it depends on area. 

@Bryan HillInteresting thought, but whether it would reduce your property tax may be dependent upon your taxing authority.  

i'd borrow against the annuity and/or see what RE tax benefits are available and purchase an income producing assest, depending on your RE goals of course. 

This could cost tens of thousands to repair.It also depends on the size of the home.