There is a concern that since the house was built in 1968 that lead based paint was used- and the house has been on and off the market due to price revisions since 2014.

I’m hoping we can sell our interests, so this partial ownership doesn’t end up in her estate, and then my brother and I have to deal with it at an arbitrary time.She’s very concerned about the tax liability of selling her share, and wants to 1031 exchange when exiting the partnership.

@Patrick Philip  you can alleviate all of your concerns by hiring a professional general contractor.

Often, that extends the life and saves considerable money over time (may not be a concern for a fix-and-flip). 

Great job in finding a tenant, too.As to tax concerns, be sure to find a great CPA that has experience working with real estate investors. 

I would be concerned that it is a mistake and the lien may be voided.

To Whom it May Concern,We are taking out a HELOC in order to upgrade our house, and to maintain liquidity in the event that anything else comes up, including family emergencies.

The 1031 is only for real estate that you sell and then purchase other real estate with the proceeds.Giving someone a lease option doesn't concern me from a 1031 perspective. 

A Water Dept. turning off someones water is NOT public record info thus there are concerns over privacy and your right to that info.

My biggest concern after all the reading I've been doing is, who do you trust?