This is the only way to buy houses without debt though Probably a pretty good point lolAnd the answer is I dont really know. 

@rashida welcome to BP I’m pretty new here but am learning a lot.

I have about $60k in equity right now, and my simple plan was to just steadily pay this property down before selling it using a 1031 exchange to move into a bigger property in a dozen years or so(I'm not trying to build an empire, just pretty casually live-in renting/house hacking my way to retirement and don't think I would ever want more than 3 properties).

However, the rehab is awesome, the open kitchen and social space is pretty neat.

For 55+ I think you could easily fit each person into one or two modular units which will make the design pretty straight forward. 3.

@Mike Cox, Those rates seem pretty incredible right now for a 30y FRM.  

But of course the longer the better usually.Most folks feel that anything over a year is pretty good to get the property on two consecutive tax returns. 

Someone familiar with the area and flood plain maps should be able to compare the maps and various online resources (google earth) and have a pretty good idea if it is in or out. 

adverse possession is pretty tough.. and rarely granted.. and if so its generally to neighboring landowners.

Now we are at like million people on this platform, pretty cool.