I know this post is over 5 years old, but my fiancé and I are currently looking into (what sounds to be) a similar opportunity that you and your parents pursued.

I'm kicking myself for not investing my earnings from 2011 when I sold my company and now I've discovered the opportunity of building wealth through real-estate.  

Would love to discuss the opportunities that Connecticut has to offer with any of you.  

I read online bios on industry pros that started with one hotel and now run management/investment companies with 30 hotels across 9 nine states, etc.  

In 18-months the damage will be somewhat limited and {hopefully} will not have had the opportunity to permeate the subfloor and structure {though that is a possibility} - you may just get away with a lots of cleaning and replacing finish flooring (like carpets).The longer they stay, the more expensive the repairs will be at move out.

Might be a decent house hack opportunity, though.

Another reason for distressed land is because my local housing market is a heavy sellers' market (based on my limited real estate knowledge and after what I experienced purchasing my primary residence last year) so I'm trying to use the time while the market cools a little to invest in other opportunities.

I have several off market opportunities with 45 - 70 in equity, what would be the best way to approach these deals wholesale or buy, rehab and flip.

Im ok with online, theres just a lot to pick from.

Throughout the years, my family has bought and flipped several properties, so I have had the opportunity to be exposed to the benefits of investing in real estate, and now I am ready to venture out into the investing world myself.