The most obvious is that you will be able to offset your mortgage with renting out a few rooms.

Some rough numbers, a $119K mortgage is about $800/month.

You can find videos/articles online on how to get the basement dry, but the basic process is: 1) turn off all electric to the basement (to avoid electrocution from the water), 2) run pumps to get the standing water out of the basement (sounds like you're already doing this)3) remove all furniture and items from the basement,4) once you've pumped out the standing water from the basement, rent a wet/dry carpet cleaner/extractor from home depot, and use it to extract as much water as possible from the carpets (they'll be much lighter and easier to move once you get the water out). 5) After you've used the carpet extractor to get most of the water out of the carpet, remove all carpet and get it out of the house for drying (if you're trying to salvage the carpets), or throw the carpet out.

You may also explore a DSCR second Mortgage if you do not qualify for traditional financing.

The primary residence has a mortgage of 900.

The income from the property to pay the mortgage. 3.

Read reviews when buying online.

Once the mortgage is paid off (by the tenant through rent), your cash flow will increase or as they pay down the mortgage, if you sell it you have a nice chunk of change.

You will need to figure out what your monthly payment will be for the property (mortgage, insurance, taxes).

Essentially, you live for free for 2 years to build more capital needed without the biggest expense of rent/mortgage payments, as the tenant(s) are basically paying the mortgage for you.