I got them back to our house and started to take them apart: Restoration went slowly.

Sad story of the Loss Payee micro managing the restoration, but Lost Rents coverage was sweet during the process.As I have a 6-unit complex, the mortgage would have still been paid and just zippo for profits for that year as a result, but - - what would be your status for 12 months of no rents?

The only real good deals I have seen actually work are these older buildings in the right neighborhoods that are structurally sound, and then restoring them to a Victorian/Edwardian feel but paying special attention to the detailing like molding and trim.

As for your parents, if their could be passion restored, maybe they could scale back work, but as an added bonus assist with your common goal.

I flip fire-damaged properties and own a fire damage restoration company.

SInce the Bank filed a Recision Deed "restoring MARY to sole ownership as before the foreclosure" this wiped out the any transfer to JOHN & MARY.

@Daniel Holbrook, is there anything like a Habitat for Humanity Restore in the area? 

We are looking at an old Victorian that has been hacked into 4 apartment units, but we would want to restore it into a SFH.  

These homes are like vintage automobiles, you restore them to their original state to multiple their value. 

Are they willing to repair and restore?