It was a land locked parcel and we were confident about our purchase price and being protected should we hit a road block.

It was a land locked parcel and we were confident about our purchase price and being protected should we hit a road block.

It makes a difference, are you $1,000/Month negative cashflow in lakeside or a few block from the beach in PB?

Meanwhile, I see how many cars are up in cinder blocks in the yard, and peek over their shoulder into the house.  

I also know each block down to almost individual houses so makes deal analysis fast as well.

I'm assuming so.Can't you excavate around the exterior of the basement wall (even by hand, if you want to DYI) and install an impermeable barrier against the block and/or a french drain to divert the water around the of upslope side the basement to the down slope?

This almost never will make sense based on zoning, permit, block makeup, and construction availability.

Even in the most depressed cities, there are areas (neighborhoods, blocks) where people want to live and will pay you well for the privilege. 

On nearly every block in my neighborhood in Morris County New Jersey I am seeing development companies buy, tear down, and build new homes, usually gaudy McMansion looking ones.  

If you can get it under contract and it is a great deal, you can sell the contract to another investor who does have the means to close.Anyways your are still in the starting blocks and you have a race to run to get this deal to the place where you are ready to close.I hope this helps.