What are your relatives names?  

@Carl Lee I'm a bit unclear as to why you taking ownership of the property is required to help your relative here.

"Does your relative have any plans on moving in the near future?" 

Don't listen to what your relatives are telling you on where to invest....condition....the more rehab is necessary the less competition.

get second opinions from true professionals in your market.. your relatives could be right or they could be wrong.

As @David Faulkner stated, you don't need to show strangers your bank account, but why not to ask a best broker close to home to help you find some opportunities for your relative who has about a mil to invest?

So, figure out the worst case scenario so your relatives won't have to figure it out after you die.

You and your relative talk about what each other wants.

Whatever you aren't comfortable having your relative fix, I would hire out a contractor for. 

Perhaps your relative should request a hearing with the board to work out a payment plan (usually with late fees, etc.).