What are some of my options or is waiting it out rather than spend any more money on legal the best bet ? 

Your best bet is to visit this and learn.

And I bet they have to stay in touch on their vacation.   

@Jeff S.Of the 5 you have listed, I would say 4 and 5 are a better bet on getting cost.Don't quote me on this but...I've had a few appraisals/inspections from my previous buys and can't honestly remember if I saw in one of those documents (maybe the inspection) where it was indicated the remaining life of say HVAC.With that said, you can always take a picture of the system (HVAC, W/H) serial# to get the year it was manufactured.

I would bet that the other markets are the same.

I guess your best bet is to list it for rental and hope you get a decent cashflow but with those numbers I see it difficult.

Then, I imagine I'll pull out the equity of the investment property to pay off and free up the HELOC funds.That's one way to go, but you would have to wait/bet on appreciation of the investment property in order to do that.

I'll bet as you get better at analyzing rehab costs and risks you'll start finding more efficiently.

I guess I kinda want to hedge my bet and not ending up making nothing on a deal.Thanks for the information Dominic.Hope to find someone that has experience and wanting to build a long term relation.

Unfortunately, these are qualities that are hard to convey via the internet.You have shown some good signs on this thread by taking in the "constructive feedback", though the best bet would be for you to meet with some local investors in person, as has been mentioned.Show them that you are hungry for knowledge (not just $$) and that you are not afraid of hard work and they will open doors for you.Good Luck!