Holding the proceeds A) is tax free and B) is dry powder if you're looking for something opportunistic in the next 6 months.

From my initial view when driving for dollars the foundation and outside brick structure seem to be in good shape, but there is clear wood rot along the fascia board and the roof looks rough. 

Now if the pipe has rotted or they have to start excavating stuff that could be different.

After full demo, we found severe rotting and termite damage on the main supports and all the subfloor cross beams.

The lake is good now but a few years ago, we had such a bad drought that all of the lakebed on the 66 bridge and the bridge at Rowlett road was cracked and dry!

I have been able to leverage friends and family as equity partners to date but see that drying out soon.

She dried in the house, roof, windows, siding, etc. but left the inside undone.  

Ripped out the fence that was falling down and trashed the rotting shed.

I think that this is a point that a lot of investors hit though, where they burn through their dry powder and the next time they get more, they are much more cash strategic about it. 

It looks like rotted wood with paint over it.