Just sorting through my options here.  

What sort of emergency are you thinking would require you to rush to the property?

I could even make the basement into my own living quarters and be sort of closed off from the rest of the house.Tato: Thanks so much!

The plants and grass right up against the house is an issue, there is almost always going to be some sort of water damage. 

At worst, I think I could make $800 a month on some sort of house hacking strategy - live in the main part with a roommate and rent out the MIL suite, or rent out the main house while living the MIL suite.

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I guess what sort of liability is worth doing that since the deductions are the same and I figure the auto insurance must be more since it’s commercial?

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Tell them what you have, in general terms, and see if someone is willing to enter into a JV deal of some sort. 

Secondly, you should be able to get records of notice of default, then you know who is in some sort of financial trouble- that doesn't mean the property is vacant or distressed.