The more I learned about personal finance and investing the more I knew how important this account was and continued to focus on growing my contributions.

And, if that is the goal, then you will continue to the same general finishes and paint colors in most flips.

It won't continue to "off gas" once it is 100% cured.

If you think the property is going to continue to appreciate and you can manage the rental, and it at least breaks even, and you don't have need for the funds, you can consider holding.Those are a lot of factors to consider.

Our NYC rent is cheap ($500/ea), so we are happy to continue renting for now.Let's say we have $60,000 in our life savings, and let's say we'd be willing to spend $30,000 of it on a real estate investment.

Continuing with torch down or variants that are supposed to extend life further are fine.

Fortunately, we came out whole and continue attending the local REI clubs as great fans.

I was given choice of continuing with purchase with discount of 25% of the cost of non disclosure ($11k) or I could walk and seller would pay my damages (less than 2 thousand).  

Otherwise they will continue to pay yearly taxes and maintenance costs, and not be able to foreclose the property as it will sit here leaking and falling apart and the mold continuing to spread.

So now I am stuck as I am not able to recover the money already spent to continue the project and I am concerned that not only this project is going to cost more morning but also my profit margin is shrinking as more time passes by to pull permits and now a can of worms has been opened not sure where to go from here.