Gently nudge your relative towards opening an LLC with a real bank account (feelings have nothing to do with how a business runs in the real world).

In my own business, we would not allow properties to be leased to yourself or your relatives on a long-term loan.

However has your relative thought of repolting it for lots or develop themselves at all.

Your relatives may or may not be able to travel for 5 years, and you may or may not be able to live in their home rent free for 5 years.

.* Call local property mgr's and/or ask for referrals from your relator friends/associates, and ask them for referrals - sometimes they will be nice enough to offer helpful advice, especially, if you tell them you will consider using them when you turn the house into a rental in a yearAs a 27yr appraiser and Realtor/Broker, the paint job has minimal affect on the value, unless it is so bad that I have to mark it down in quality and/or condition.

Any ideas or feedback would be appreciated.Maybe park a "Taco Truck" (Roach Coach) there and put one of your relatives (who needs a job) in it as an employee/cook.Bingo--instant restaurant, and a free car wash with every 15 burritos purchased.Tasty burritos draw car wash customers, and car wash customers can buy a burrito.

Or ask your relatives if you can clean out THEIR attics for free if you can keep their stuff and sell it.4.

Oh yeah, your relative/tenant may even have to vacate the premises during the 2 1/2 year Redemption/Quiet Title action since they may legally be trespassers until you gain title.  

I think you will find it quite difficult to borrow money when you have zero experience like your relating here. unless you find a not very experienced private funding source.

I'm sure I've ran into your relatives at some point.