Understand that by doing that, the city may require additional repairs to the structure if they see anything out of code. 

that's great. are you looking to pick up any additional properties in Birmingham?

In addition, I can collect enough rent to still cover every time I get money out.

Agh - I think my post may have come off as a little insensitive; I'm more concerned about finding additional information on the delays/re-inspections/costs associated with extended contract periods rather than making a buck at someone expense.Given that we may have to delay our closing, I'm curious if anyone has experienced similar scenarios where they were required to re-inspect, re-appraise, etc. following a hurricane strike.

Can anyone recommend a tax accountant in the San Francisco Bay Area who—in addition to familiar with real estate investments—is familiar with tax implications on Incentive Stock Options (ISOs)?

It will have the added benefit of reducing water costs while also off-setting them.

@Justin Pokrywka You should search the forums for some additional insight on $40K properties, low(er) rent neighborhoods, what goes into managing a property in a dicey area, etc.  

A few options come to mind: You can ask the seller to reduce the price and see if they are willing to negotiate. 

Wanted to give you guys an update on the renovation with some pictures.1pic : Front of house with additional side lots 2-3 pic.: 1st floor demo 4th pic: Bathroom & backrooms still standing pre-demo5th pic: 1st floor as open shell , all walls down & new sub floors 6th pic: Framing of 1st floor started GROUND/CELLER FLOOR: BELOW 1-2 pic : Pre-demo 3 pic.: demo (All walls taken down, a total MESS!)

As mentioned above by Todd and Cathy, use the leverage.I would not recommend investing any additional money in the stock market because you already have $800K of your 401K invested in stocks/funds.You're in great shape, keep going!