Maybe you could work with the owners and their lender to take over the mortgage.

These are just a few ways to begin making contacts and learning about the strategies available to you.Once you decide on a strategy, I'd recommend connecting with an investor-friendly lender who will give you an idea of how much you qualify to borrow for your first property.As you progress in this initial research phase, your goals and action plans will become clearer.All the best!

We are very familiar with the local markets, have the lender & real estate connections etc. 

@Robert S.BTW, if you hire a mitigation company, they may charge a lot less for drying out a basement compared to drying out a basement AND mitigating mold. ...so, if you wait for mold to start, the cost of the mitigation company might be higher (I don't know this for sure, but it's worth looking into)...I've never hired a company to mitigate mold, but I've heard it can be very expensive.When I was in your shoes, my top priority was getting the basement dry within 24 hours to prevent the mold, so I threw everything into getting that done ASAP. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Supply your lender or broker with a track record of your deal experience and scope of work to get the most accurate quotes!

I would be using a hard money lender for this.

Lenders may have specific requirements or restrictions for loans to LLCs, so it's essential to consider how this might affect your future financing options.Before forming an LLC, it's crucial to consult with a qualified attorney and tax advisor who can provide personalized guidance based on your specific circumstances and goals.

Lenders and agents - LET'S CONNECT!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?