I feel like I'm on information overload and will freeze up if they actually decide to meet with me.

freezes.

I know the property taxes are horrendous, so i'd try to mitigate that by getting into a CHAP district to freeze my tax assessment.

@Jeff Greenberg, I am curious - does California freeze commercial property values at the last purchase price similar to residential or rules are different for commercial? 

Over years of the freeze/thaw cycle any imperfections in the foundation fill with water and then when it freezes the ice expands further weakening the imperfection until a crack forms. 

It's summer so there's no chance of pipes freezing.- The only other assets the father had was a paid-off truck and about $300 in a bank account.So if I were to buy the property, from my understanding the proceeds of the sale would go to the estate which would go to the credit card company, and the sisters would be freed from any obligation on the property?  

Do I essentially "freeze" the depreciation (don't claim any more going forward) and discontinue deduction of maintenance/utility expenses as of the effective date of being a loner?

just read the fine print on HELOC"s  they can get called and or frozen.. not that it would happen but it could happen if markets got tight.. millions of them were called from 08 to 2010... most folks posting now were not doing business.So when you get the loan docs read them carefully I will 99% say there is a clause that the bank can unilaterly freeze or call these due with no notice  I bailed out a lot of flippers in those years who were in the middle of big rehabs and their helocs got frozen and they did not have the money to finish.not being negative just giving you a heads up since you said your very conservative.

We are in the northern part of Illinois so freezing pipes are a concern.  

If you get added in (which you still can be), the bankruptcy court can reduce the amount of your mortgage, freeze tthe interest rates, reduce the payments, stop you from foreclosing.If the buyer wants to give the house bcack, something can be worked out.