Not sure what your monthly cost is, but every vacant month it costs a lot trying to make that up. 

-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. 

I would also suggest finding a 100% LTC (loan to cost) lender that will fund all of your rehab and all of your purchase.

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.  

When a water heater breaks at 9pm on a Sunday I get an email saying it happened, it’s been fixed and it cost $1200 give or take.

He told me that without installing a sump pump system (at a cost of $12k), the foundation will continue to deteriorate, which could eventually lead to bowing basement walls—an issue that could cost upwards of $50k to fix.The inspector asked if the previous homeowner disclosed any water damage.

Both tenants just moved out.I just got a bid to correct the foundation the right way by the most reputable company I could find (full underpinning, 60+ piers) ~$65k, plus costs of repairing drywall, paint, vacancy, and new flooring.

@Jonathan SniderFannie and Freddie do have LLPA's and the lower the down payment, the higher the cost.

@Voley Martin Make sure you get updated insurance costs.

If you've dealt with this how much did it cost and how much time did it take to resolve it?