Main problem is, there is what looks like 1-2 feet of still dark water sitting in the basement ( completely concrete unfinished basement no drywall or flooring).

I cannot say I have completely understood your questions or dilemma.

Refinances are a full fresh complete re-underwrite comprising 95% of the same work/paperwork that a purchase mortgage involves, assuming of course the consumer wants the Fannie/Freddie subsidized rates.

My guess is it's called something completely non-intuitive which makes it hard to find using Google.

Sometimes doing a complete rehab is riskier than just making some quick scratch.

Many people go completely in when they don't have too, thats not what they teach us here at BP.

Cash followed by a 30 year fixed once the property was completed and cash flowing How did you add value to the deal?

Cost around $5200 plus the testing at the beginning and after abatement was complete.

I am COMPLETELY new at this lol.

Projects like this often run well over budget and take months to complete because once you start pulling things apart more and more problems are discovered.