Sit on it until you get all of it and then buy more SFRs, use it for down payments, dry powder for opportunities that may come along, diversify your portfolio? 

Try dry erase board paint.

In addition to the house being a disaster, there was a separate garage that was caving in, piles of trash in the yard, two old bread delivery trucks, a rusted out Ford Bronco, rotting building materials, and miscellaneous fishing gear strewn about the yard.

The joists are also wet but not rotting whatsoever.

I've already replaced the rotted privacy fencing.

Of course, real estate investing is not as cut and dried as this article would make it appear.

They should also reimburse you for any emergency water damage repairs like carpet drying from the likes of servpro or local water clean up professionals.

The "carry trade" is sexy until it destroys your balance sheet.Short term, high value add deals that you can refi would be my strategy although in most cases  I wouldn't risk my home to do it.If you can live with a permanently higher payment then do a cash out refi and keep your powder dry for the opportunity with solid yield.If I sound like I'm speaking martian right now then don't move forward!

So the MLS is a bit dry and very competitive.

The wooden fence of this property is just rotting away and falling apart, I literally have it being held up with rope.