For the past 6-8 months I’ve been doing my fair share of research and studying on the topic.

The door is not shut on making another offer but the houses are going to have issues because they have not been maintained and they have been vacant for over a year.Thanks!

It sounds like you are early in the process of learning about it so I would suggest you spend more time studying before you try and do a deal.

@Kevin Kong the thing about flood zones is that depending on how bad it is only about 30-40% of the problem is the actual floods themselves, the other issue is the super expensive flood insurance that you will be required to maintain while you own the property, I don't think it would but raising the floor may help prevent cosmetic damage but if the flood is bad enough it can still cause damage. 

However, should I be maintaining records and receipts of the expense of these repairs for capital gains and depreciation reasons in the future?

Hey everyone,I am new to real estate investing, and I am wondering what books, videos, or other forms of learning material I can study.

I guess I have to do a Cost Segregation Study to figure out how much I can depreciateThanks again

The income is taxed until it is spent on maintaining the property.  

Most of my units are maintained with several units with major updated renovations.  

You're probably going to have to study the area further to really get a handle on what properties really sell for.