It's very common for a foreclosed home to be abandoned with serious damage to the interior.

Just a few notes:Inheritance tax liens are legit and common in such situations.

It will also show you the current condition of the units and commons.

@David Moore not yet, but I suspect it could be generational as that is a more common trait of younger tenants. 

It also might make sense to just refi maybe your top two appraised properties, then aggressively pay that HELOC as fast as possible. 

Not nessacarily more, but better in the sense that if I saw 10-15 of those types of properties then I think we'd find a winner.On the other side (higher end, equity market) I have seen a few data points of price drops in a suburb of Des Moines that have been pretty substantial. 

However, we'd like to cancel the contract as interest rates have risen and it doesn't make financial sense anymore.

Depending on the rehab estimate from contractors, we would determine if it makes sense to fix it up first or just sell as is.

As for the HELOC, if you find a property that makes sense on the cash flow, then i don't see why you shouldn't go for it.

Common things that arise after settlement is a water bill being higher than the amount the title company escrowed, or a small miscalculation in daily interest or the such.