I think.You don't want to be responsible in the unlikey event of a collapse.

I've seen some where the studs were literally collapsing into a powder from rot.The last one we did was an old 60's era cast iron tub that we had refinished several times (about $280/treatment) but it peeled.

If a property has massive problems that can't be seen from the road, (blocked by trees, carports, etc.) that could be seen if I just got out of the vehicle and did a small look over, then I would rather find it right then and there and not after attempting to contact the owner.In fact, here's a prime example: One of the properties today had an entire collapsed backside and deck that was out of view from the front.

That scenario would lead to the collapse of the economy and massive capital flight.

The roof was leaking in multiple areas, the ceilings had collapsed, HVAC non functional, plumbing non functional.

If the deal collapses and I would lose everything, I'm out.

Did you own any property in the 2008 Collapse of our Economy, when property values in Tampa lost 60% in two years?

Such setup does not pass a smell test as far as "for profit" operation and will collapse if audited.If there was an easy way to convert suspended passive losses into deductible non-passive losses, we all would've been doing it by now.

Balloon" framing (1920's I believe).Radon.Plaster and lathe instead of sheet rock (pre 1950's) or plaster and wire mesh variations (50's) more solid than sheetrock but a real b*tch to repair or demo if you're remodeling.You've got Galvy plumbing but also need to look out for other kinds of outdated plumbing like clay sewer lines (pre-1930's, prone to collapsing, bellies, root intrusion), cast iron (1950's, often rusted and/or cracked by now), and PB (polybutylene, gray-colored water pipes, 1980's, prone to rapid degradation and subsequent bursting, mostly gone by now).Buried Oil Tanks-- Do you have those there?

But it won't lead the way nor should it collapse like it did in 2008.