We told him we were new to Milwaukee but because of our past deals he insist we buy them flip or hep him liquidate them.

Do not use liquid plumber, this will deteriorate the pipes even more.Data plate missing , the unit is very old, 30 years is old but if it works have a tech service it at leas twice a year. it will be inefficient. think about the future resale.Asbestos, as long as you don't touch it it's ok, if needed removed, then it can cost some money, ask a remediation company.Radom is all over and is natural, not a big deal, if present you need a basement sump air pump to vent outside the house. https://www.radovent.com/mitig...You have a good report, ask for a deep discount on your offer, it is hard to find a perfect property at a discount this is why they are selling, they do not want to deal with it.Good luck, hope this helps

I apparently make too much to take advantage of state / agency-backed loans that allow for lower than 25% down.I’m 25 with no existing real estate equity to leverage and relying on savings / liquid investments (e.g, stocks) to fund myself.

It's not coffee or some other liquid that got spilled on the wall somehow?

Considering you have roughly $15k liquid available, I would aim to simplify the entire process and focus on small flips for the time being.

With that, you are going to need that liquid cash.

Once we have our second we'll have enough liquid capital for 25% down on our third, but I'm not sure how to make the debt to income pencil out.I see people on here who have 10-20+ investment properties.

Then your liquid $400k can go to downpayment and closing costs on multiple properties. 

It would definitely be worth looking into something like an FHA loan with 3.5% down to keep the remaining money that you budgeted "liquid" for your CapEx fund.A lot of people get scared by HOA's, but they can be incredible value! 

I’m in the process of applying for a HELOC and also have liquid cash.