Hampton Roads is the most known unknown region in Virginia.

Here is what I know:It has a septic system (condition unknown)It needs a new pump for the wellIt needs a complete electrical and plumbing system (I am an electrician so I can do that) I assume a new heating and air systemIf you look at the link seams like a total gut on the insideIt is currently 4+ hours from where I live.

It has to be fixed ASAP.I wish you the best of luck, but I just think that your estimations of things are BARE BONES, and do not account for the many unknowns that can come with rentals TIMES 3! 

If you're options are preventative replacing now or replacing next year and incurring unknown other damages due to it failing, then definitely get it done before it breaks.

It is unknown whether the landlords had already given notice to the tenant to move out on June 30th.

We were thinking to apply for a HELOC now, this way we have this in place when we buy the new home so we can do any necessary repairs on this house and any unknown repairs on the new house. 

That guy was an unknown quantity in a place he definitely should not have been and David's reaction was well-placed.  

Current condition of tanks & wells are unknown.

For me, it is mostly the fear of the unknown and the lack of knowledge of how to deal with this kind of business.

Lots of unknowns in your question.It cannot be a rental unless you get a rehab type loan and repair it in the recent months.Vacant land you need 20% down of your own funds and have to be able to carry the principle interest and taxes against your full documentation income.Short sale can't get approved unless you have a firm Commitment letter.