Don’t forget monthly electric costs to keep the recirculating pump on, and water costs to maintain proper water level.

What assets: real estate/land, buildings, water rights, licenses?

Insurers are now looking at roof conditions, over hanging trees, type of water pipes, and electrical. 

His motel has been shut down since COVID-19 for not being up to code, now, he has renovated it and water/electricity is running.

Stepping into these waters is already an intimidating process. 

Or do a partial slab, leaving key trenches in place to run water and sewer, and slide into place.

To me the quadplex would be dual purpose, while you are not living there it serves as a reliable stream of income, once you move there, you could live in 1 of the units while you build your permanent home, and you could also use it for when your family comes over for large gatherings.A 2nd option might be to build an RV park, Unless their are zoning restrictions, you should be able to build one fairly inexpensive, with a septic system and either public water or a well, you can keep your costs to a minimum by doing gravel roads, which are easier to remove later if you don't want them. 

You can choose to live without ac or heat, hot water or a fridge for a week or two in your home while they jerk you around.

BUT luck does hit if you keep your ores in the water, stay in the game. 

Example: November 2023 sold for 500kListed under foreclosure for 260k now.Photos don't show any updates or signs of any rehab being started.My first guess it these were bought as rehabs without inspection and people found severe structural issues that they cant afford to remedy, which is common with the amount of water around us on Long Island.What other assumptions or conclusions would you draw from seeing listing like this one?