I believe that this is due to (finally) rising interest rates deflating asset values, which is highly correlated to the exponential increases in income for top earners like CEOs, executives, money managers, RE investors, and Private Equity Groups.To me, the only logical stance is "rational optimism" (I heard this term from Morgan Housel).

Are you trying to create cash flow or just want RE exposure?

It helps to have a great Forum like this, you can literally ask any question.....What is your passion in RE?

We’d complete repairs by re-concretingaround the lid of the pit in that garage floor.

The principal paydown would be much larger, the appreciation and tax write offs would be better even with a weaker market because $1,000,000 down could buy a $4,000,000 property. 

I think I need to write my purchase contract to the trustees to see if they'd consider my offer as this is what the sister as the beneficiary and executor would like.

You will also always have the option of doing a rate and term refinance in the future to refi both the first mortgage and HELOC into one loan. 

Home depot/lowes sells mold test kits you can use once the basement is dried out.Once you have the basement dry, the next order of business is to figure out the cause(s) of the flooding, and hopefully address those causes to prevent future floods.There are multiple potential reasons for your flooding--it could be ground water rising up from underneath the house, it could improper drainage around the house, it could be cracks in the foundation or slab, it could be water coming in through the window wells, it could be all of those things, or it could be something else entirely.  

Switching things up career wise and trying to find some good properties to start off my RE investing on the right foot. 

I was in IT for 42 years :)Perhaps in 5 or 10 years that might be the case, but I don't see it at this moment or the immediate future and am not aware of any products yet.Zillow has the resources and the need.