I don't think taking cash out in refinance raises your cost basis to calculate your taxable gains at sale unless you used the cash-out refi for an addition to the house. 

Please let me know if there's additional information needed in order to give input! 

Im thinking about pulling the plug but I wanted to get some insight since I already put down some earnest money and I have to stay around a certain price point.

I would also love to hear any pros/cons of having any kind of mentorship.Looking forward to your insights and experiences!

Any insight would be much appreciated.

Additionally, consider partnering with a HML.

All of the other comments are great, I will just add one piece of additional advice, decide what you want your investment to look like five years from now.

In addition to numerous tradition RE related investments (most individually owned but some as LP), here are our unusual investments (both are RE related, but not what is common on this site)- I have mentioned this one a few times on BP, when fracking was just starting to be known to the general public (near turn of century), we purchased mineral rights in North Dakota.  

You just shared some additional information concerning the estate's involvement.

Any insights or experiences you can share would be greatly appreciated, as I navigate this complex and potentially hazardous situation.Thank you for your support and guidance.