Get to know them and see if potential partnerships make sense, considering their needs and what you'll bring to the table.

I have not lived in it for several years and will not be back in the area anytime soon, so a VA cash-out is off the table.

Many sellers will say something like "well, we show $200,000 on the books, but there's another $200,000 under the table".Any sales that don't get recorded simply don't exist for your purposes. 

Unless you have an appetite for risk and want a second job, or bring real estate expertise to the table along with a work ethic and don’t mind running a real estate investing business that will enable you to beat the stock market, in which case you should buy into a bunch of syndications and rentals.

I'm on the fence here regarding some options that I have so I'd like to lay my position on the table and get some feedback from the general community in the hopes that it can help guide my decision moving forward. 

I hired a drainage company to install french drains and sump pumps to remove the standing water.

Purchase price: $240,000 Cash invested: $15,000 This rare, 2 story double in historic Holy Cross offers an inviting French Quarter feel at an affordable price!

The seller left money on the table?

I would  bring to the table: the deal, the market/real estate knowledge, the real estate attorney, the mortgage broker/bank.

We've found most owners undervalue their properties leaving a lot of money on the table.