Speaking very generically, depending on how you and your wife structure your dealings you could very conceivably have your businesses do very well but pay you (or one of you depending on your state laws) a salary that is just below the threshold for a similar subsidized program in your state.

From what I have read in your thread, I can tell you that I think it's great that you are trying to learn and are trying to find out as much as you can about every conceivable potential project, and are thinking outside the box.

If you refinanced for the same rate and term as your original loan, you could conceivably do a tax-free $25K cash-out refinance every ten years or so. 

It's highly conceivable that the property was designed to appreciate to XX amount in 5 years and be sold. 

Maybe an oversimplification of what they're saying in the podcast, but if you could refi your house at 3%, and then throw that money right into a general stock market ETF aiming for 8%, then you can conceivably consider debt the asset yielding you a 5% return. 

If they are paying rent to themselves, it would be included in the rental income approach, and conceivable increase valuation. 

(I am using an FHA 203k loan so I could conceivably address these issues right away).They countered back at $1,050,000.My realtor is telling me that I don't really need to take care of either the foundation work or the termite work, that the building is livable and rentable in it's current condition.And that by not taking care of the work now, it doesn't expose me to any add'l liability if something were to go wrong due to not addressed these disclosed issues.A couple questions: first, is what my realtor is telling me accurate? 

Proving implicit abandonment essentially requires making all conceivable efforts to locate the legal owner. 

By making every conceivable effort to contact heirs, you create evidence of owner abandonment.   

It seems you could conceivably build a brand new home for a relatively low price.3) Playing off of number 2, can you buy anything that would make a good investment with 500k?