Although this may not be the ideal property to purchase, that doesn't mean holding on to it is a horrible idea.

Matthew Paul Ideally best to keep looking, assuming that you have the capital available to take on a second deal.You can always get the property under contract with a goal to close once you are done with your current rehab.

Remember Frederick Douglas words ..."

That's $2190/yr and remember you're paying 90% of that in the 6 coldest months of the year here so budget accordingly. 

Also remember that you inherited it at a STEPPED UP BASIS.

Didn't cross my mind until this morning that I remember something about a required ownership period of at least 91 days prior to selling or accepting a contract.

Ideally, I would like the property to be within 1-1:30 hr of driving distance from me, so I'm considering properties in NJ, NY and CT.

I deal with the monstrosity known as the NYC building of department as well as smaller municipalities like in my hometown of Yonkers and there is a wide variation on the time involved and what they require.

Same thing on unsecured business lines of credit if I remember right.    

I have checked with Chase bank who I deal with mostly and they frown on REI for lines of credit.