When I went for the one on one all of the financial information that I gave indicated that there is no way in h.e. double hockey sticks that I should be attempting to acquire additional debt at this moment.

Could this indicate that we are pumping another bubble?

Remember that most people looking at the ad will not know the immediate area.You might also indicate if you take section 8.

Some real estate in Los Angeles is returning to 2006 prices so to me, that's an indicator that prices are high. 

Something they received is giving them an indication of balance, I would inquire with them and then reconcile that with information from the prior servicer.  

Not to mention, there is clear indication the company (Land Ho/Mango Cap) that is trying to sell me the property is not the legal owner of the property since Rocon doesn't appear to have ever owned the property.I contacted Land Ho this afternoon. 

Your use of the word "flip" coupled with the actions of a quick subdivide and sale indicate that your intent is that of a dealer so your 1031 might be at risk if audited.

Sage indicated to my title agent that the anticipated closing date is this Friday now.  

(I did have a friend who is a waterproofer look at it the time I witnessed the outside flood, and saw water inside, and he indicated installing a sump may not flow enough and also allow an easy spot for penetration)2.

Re: #2 I mean if I have a tenant with a lease ending on August 30th, what I read indicated I would only have to let the tenant know I am not renewing their lease by August 27th.This seems...odd?