Right now, I don’t want to spend a lot of money to either remove it or clean it up to make it functional.

As you read through them, they will help spark your memory and critical thinking, and the questions that come to mind in those moments are the ones you should write down so you don't forget to ask!

Others will want to deploy it to gain some semblance of a return on the reserves, but this sacrifices liquidity and stability, which most would agree is NOT the function of your operating reserves.Bringing it home, 6+ months of operating costs should do you well.

Filling a vacancy is critical.  

(Unless there's another way I dont know about.I would love any advise or criticism about this deal.

This could be a function of the paneling and firring strips pulling moisture out of floor, or could just be a damp basement.  

Personally I am waiting for a critical point that will likely tell us a lot about COVIDs impact on real estate.

As the majority of Americans have their net worth tied up in qualified retirement plans or equity in their primary residences it is prudent to evaluate the merits of each asset.One point to add I think is critical is that with a 401k or other qualified plans you have NO CONTROL over the asset and are subject to the government parameters set forth.  

See if at the end of each day he can at least leave part of the stairway functional in case of an emergency where the tenant needs to get down the stairs.

Some probably more critical then others.