We initially opened an account with Equity Trust but immediately closed it, after I read many forum posts.We're going LLC Checkbook control route and still in progress with state filing and operating agreement.

Town assessed value is at 185k.

The geologist and toxicologist hired by the plant for ground and air sampling has assured me that the property is not in the contaminated area (I have these contacts because my current residence a block over has vapors coming in through the foundation and remediation in progress). 

Good luck with the renos...post pictures of your progress.

Have you made any further progress on this yet?

Still working on those eye/hand coordination, but work in progress!

I think there will always be a place to find good deals, but you need to know your limits and when to stop, let the dust settle and assess where you are at. 

If you’re like most investors, you’re probably laser-focused on these questions right now, and that feeling of uncertainty is permeating your entire life.However, at this moment we are presented with a rare opportunity—we have the time to assess ourselves and our business and create better versions of both.

Consider your priorities, assess your risk tolerance according to your decision making, and move forward. 

The house I'm looking at has a tax assessment of 190k and it's listed at 120k so I'm not sure how my bank appraisal will compare with FHA appraisal.