Selling the PropertyIf your parents decide to sell, they could: Sell As-Is: At a current appraisal of $350k, they could walk away with a sizable profit (after transaction costs like realtor fees, taxes, etc.).

-Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process-Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.I would like to live in the property and my mother will live in her second property with her husband. 

Figuring out the true cost will heavily depend on the type of dig down, depth, and total square footage. 

Sounds like you need to have a relationship with a couple of good contractors, 40k for vinyl siding sounds high, what was the material cost.  

I already have some equity in the property after doing a complete rehab but I don't want to diminish my returns selling it after one year, paying for commissions/closing costs.

Again I cannot collect rent to justify this cost/effort.  

Time and practice will still teach you as you do deals but it will help you understand what things costs for the size of the property 

Figure out which method makes the most sense for you and look at the numbers for at least 10 deals.

Hi @Damon Diddit I would avoid Newark at all costs. 

Which size of home is typically perform best on a cost benefit analysis?