I've read that using a HELOC for the multi-family isn't a good play. would my only option at this point be to wait until i've saved enough?

Bear markets are scary and they play tricks with the investor's mind.  

I would play this as a buy a hold until the area stabilizes and appreciates.

BP  linkdin  facebook connected investor are all infested with faux lenders and this is exactly how they find you.you can play along send them the 500 to 800 application fee and kiss it good by .. just so you know.or U can save your money and find a real lender..

Good luck.. but looks will not play into this. 

It seems like a lot of people play fast and loose with zoning and it ends up hurting the next guy down the line.I just checked and the property is gone. 

He's been fairly responsive on a few matters (removed a tree with several dead limbs hanging over the yard and house), but I'm a little worried that he's not sure how to handle mold and/or problems with pin-hole leaks in copper plumbing. 

You can go back and play "dumb" about the process in attempts to build rapport and further understanding.

Its dead serious.  

How does the fact that an owner is selling mineral rights with a property play into the valuation/appraisal?