The biggest mistake people make is not having enough reserves before going into real estate investments.

Give them all a call and see if they are willing to sell and if not are they in the market to buy.

We are seeing about 50/50 split of people holding as rentals vs selling. 

People in 1981/1982 were angry they were paying 18% interest.

Seems like they aren't in a hurry to sell if it's been on the market that long and they have raised the price.

Apparently @Ivan Castanon most want to try to sell you on something vs answer the question. 

If you are selling, definitely.

I am obviously conflicted with the moral side of pursuing legal action here, but understand that people can do untruthful things when it comes to financial gains. 

If the house has a septic system, especially if it's an older one, it's worth the investment to have a septic inspection done.This concern is particularly relevant for those planning to buy and hold the property rather than simply fix and sell it.

Then, if it is still negative cash flow, but the equity is there, then consider selling.