Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure.

I buy and hold and do short term rentals and mid term rentals.Located in Racine Wisconsin  Hello Gabriel: I also live in Racine County there are some great deals our way and including southern milwaukee county too!   

Investment Info:Small multi-family (2-4 units) buy & hold investment.

Quote from @Arthur Savery: Quote from @Jaycee Greene: Quote from @Arthur Savery: Investment Info:Condo buy & hold investment.

I got a hold of the owner by looking up his information on the county website.

I'm looking to purchase a single family home as an investment property (buy and hold strategy).

At this stage in my life, these equity plays are more impactful than holding onto a property for a couple hundred dollars of monthly cash flow.What’s your take?

Once you have completed the consolidation portion of your 1031 exchange you now own a more expensive (and probably really nice) property that it must be your intent to hold for investment use. 

Generally there are multiple units for each "zone" if you will when I've seen them installed.Regarding your problem at hand, I personally would simply adjust your plan to move and make your initial plan to get the current issues resolved, while costly now, in the long run holding onto the unit will likely pay off. 

We also have a different ESCROW account that holds the deposits for buyers purchasing our listed properties.