It’s all about self preservation.

That will reduce the internal cost of the policy and will preserve the cash value that you have accumulated.

The usual way that problems like the ones you're describing are fixed is to preserve the plaster where you can and repair the problem areas with 3/8 in. or 1/2 in. sheetrock, plaster washers, wall repair fabric, and joint compound.

@Gary Carver My strategy is capital preservation and cash flow >20%. 

I am willing to put up the cash to help him preserve my father's share of the house but I'm worried about losing my money.Hoping to urgently get opinions on the situation and for some recommendations of good foreclosure/probate lawyers in NJ. 

Preservation of history through a living museum is my big why.

Given the historic preserve nature, I can foresee rehabbing these older homes with a ton of red tape associated with it.

One of these is that the majority of Dane County towns are "agriculture preservation" with limited density units (1 new lot for every 35 acres is pretty standard in most). 

But typically, the risk of a well planned BRRRR is still only ending up with 5-10% left in it, either for appraisal/rehab cost reasons or preserving cash-flow. 

Simply state that the owner is away, and that you are preserving and renting the property until such unknown or unspecified time as the owner returns.