Existing damage is dry and no active ones found."

It is an existing location fully equipped, sold as is the add said.

Although, I'm not sure how CA would handle a quit claim deed for $1...Best to probably record the existing deed and you get to take your lumps, if any, with the County assessor trying to figure out what to do with a "many year old" deed.

@Sheri Fluellen Thank you Sheri, I didn’t know energy audit exists so really appreciate your mentioning it.

Any existing lease transfers with the sale of the property.

The house looks pretty empty, although the existing walls/floors would need to be taken out. 

But want to use the existing equity to acquire more, possibly do flips or BRRRs.   

Do banks look at 15yr mortgages on existing homes as a positive, or would they rather see a lower monthly payment?

If the property has appreciated & has good equity perhaps consider (alternately) cash out refi on existing property to fund new acquisition & keep the existing property as well - assuming both have positive cash flow and are in up & coming areas.

A capital expenditure typically either increases the value of an existing asset or adds an entirely new asset.