He was the one taking care of everything and now I've been approached to by my mother to help run their finances.  

Based on what you have done already I am guessing you like the long term appreciation and cashflow approach to real estate investing.I dont have any information on how you acquired your other properties or what your financial position so take my advice as "what I would do" advice.You just bought a home that you put down between 5-20% so it probably drained you a bit.

Purchase price is approachable.

I'm just wondering if I have the right approach to analyzing properties 

This a dangerous approach to real estate investing in an over priced market.

April is approaching and now I'm discouraged in my plan because of what happened last year.

Anyone ever experience a similar situation and would be kind enough to share some insight on how approach the walk through?

The best approach is to report and file as property held for rental/investment, document your strategy for switching, and move forward. for more about you can inbox me

I liked this approach much more as it kept my mortgage payments the same and I could use the LOCs over and over again.My best project was acquiring a 2 family for $625,000 that I managed for a client and getting a variance to add to it.

Does this sound like an effective approach?