When initially purchased, the property was in disrepair and had not been properly managed for 10+ years.

Properly testing for types of mold could be a few thousand.

There really isn't enough information here for someone to give you a proper answer.What you need to do is calculate those tax savings over the next 5-7 years (or however long you plan to stay in the house) vs. what the interest rate reduction will save you over that time period.

My biggest issue is that I’m using personal funds as owner contributions to these accounts and money moves from account to account on a consistent basis, so I’m trying to be diligent in proper accounting. 

How do I properly analyze this property?

In the meantime, I'd recommend using the search function and set up keyword alerts to find other questions on land wholesaling, best investment strategies, and any other topics of interest.Excited to hear what you and your son have in the works, all the best!

You are correct the proper word I am looking for is ownership.

The right wholesaler that knows how to properly calculate a SOW (scope of work) to gain the rehab budget, generate an ARV from local comps and not want to get rich on every deal is NOT easy to find....but, they do exist.

Use the lookup function with my name and Spring lake and Journeys End subdivision posts.First step is have your local surveyor survey the property.  

If the sewer is still functioning (sounds like it is) you get to decide what to do with the money.