The market was overpriced during the tail end of that period (right before the bubble), musical chairs were played by buyers who didn't know any better, and many folks got left out when the music stopped.

This period of repositioning the property until stabilized is a cost many new investors don't consider.Given the property is 50% vacant and needs repairs can you get the financing proposed?

The house was built around the same period.

Also insurance is for the unexpected, but when a property is in a "flood zone" it is because a claim is expected in a 100 year time period.

It all comes down to do I want to put all the cash in and have it stuck in time until the refinance occurs with this property OR to save the cash for more deals with a higher yield.The cash is tied up for a certain period of time versus return.

I will use the proceeds to pay off the cards before the introductory period ends (which is soon).

You're probably looking at a 15-20 year term maxed on fixed rate, or an ARM or balloon is you want a longer amortization period.

We have a 60 day due dillegence period and plan on hiring a local property mananement company to perform an independent assessment of the property.

One thing to take care with is the notice period.

I do plan on keeping in touch periodically and will keep you posted on what happens.