Homeowner - resolved

My Dad was really movin' on the whole house thing, and called me at work 2 days after mentioning the idea. He'd already spoken with my aunt's brother-in-law about the house, and with my uncle, and 2 things came out of those conversations. A) my uncle made it apparent that the house is in quite a shade of disrepair, and B) my aunt's family would probably try to screw me out of the sweet deal my family wanted to offer me.
Matt and I talked about it for 2 days, and we not only don't have the money for a downpayment, but with both of us in school, we also don't have the time or motivation to renovate a house right now. Particularly one in an area of town in which neither of us wishes to live.
So, there you have it. Apartment living is the life for me!

Homeowner?

I saw my parents at my brother's 30th birthday party yesterday. They had an interesting proposition for Matt and I. My aunt's father has been in assisted living for some time now, and they haven't cleared out his house yet. The family wants out from under the house without having to do the work to get it market-ready. My aunt and uncle were talking about their situation with my Dad, and said that they wish there was a family member they could sell the house to for cheap. Dad suggested Matt and I, and brought it up to us.

The house is in Parma, 2 miles from my childhood home. Anyone who lives in the greater Cleveland area knows that Parma's reputation as a community has declined in the past several years. It's a 3 bedroom bungalow, like pretty much every home in Parma. There is a basement, and a finished attic. I haven't seen the house, so I really don't know much more than that at this point.

The Pros:
Aunt and uncle are willing to sell it to family between $50,000-$80,000 - an easily affordable mortgage for Matt and I
Mom and Dad are willing help out with the renovations (with money and sweat-equity)
It's closer to Tri-C, where I'll be full-time in a few years for the PA program
It's closer to Matt's family, and we will be responsible for his sister at some point in the future

The Cons:
It's in Parma
It might need alot more work than we're willing to put into it
The majority of our friends are in Mentor
Our current plan is for Matt to go to working only part time, and school full-time in January. With a mortgage, we may have to
I really don't like the idea of living 2 miles away from where I grew up - I feel like I've worked so hard to put Parma behind me...

A big pro to consider would be the idea of flipping the house. Matt and I are thinking of discussing the idea with my parents. We split the cost of the mortgage and materials, sell the house for the going rate, and split the profit down the middle. Matt and I could really use the money for when I go to the PA program and stop working in a few years.

It gives me a headache thinking about all this. I'll be coordinating a tour of the house with my aunt's family through my Dad. I'll keep you posted. Any thoughts?