I'm extremely new to this world, but very eager to learn, and be successful.

Purchase price: $100,000 Cash invested: $30,000 Much to my wife's dismay, we bought my childhood home off my parents for an extremely discounted price.

I would be extremely grateful if any more experienced investors would be willing to offer a young investor some advice!

My biggest concern is a 6 month vacancy during the summer.

They have been extremely low impact tenants and have been on time (actually early) with the rent since day one. 

The extremely damp conditions will infiltrate to the unit/s above and will drastically reduce the useful life of everything in the bsmnt. incl. the water heater, furnace, electrical panel, etc.

I realized a lump-sum profit on a tax-lien property I sold this year and am extremely interested in hearing any intelligence on it. 

(Post should be viewed as theoretical and does not necessarily reflect our true financial situationYes college education fund does count as parent’s asset when determining the financial aid but that would be a concern low earners.Looks like you are already a high earner and every other asset will actually put you above the threshold before college education fund makes you disqualified.Most likely your kid is going to get a subsidized financial aid where he will incur interest right away.

If you are extremely real estate motivated and driven,  I'd consider getting my realestate license for your day job. 

Also, there could be a concern if you ever have to evict a tenant because in some states a tenant could delay an eviction by depositing any amount of money in your account, and if they had your account number you may not be able to stop them from making that deposit.