As an agent, I personally would love to hear your thoughts on how the implementation of AI will affect agents system processes or how it already has, however I would love to hear about it's impact in all facets of real estate.Apologies if this is a repeat post, I haven't searched much on the forums for this yet. 

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. 

.: Cost of risk scenario. 

Insurance-  replacement costs.  

In doing so, bear in mind that the cost and admin of a corporation is higher and that the tax treatment is different:1.

How about opportunity cost?

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 am slightly confused about your numbers, though...is the $215/SF the construction cost? 

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