Could it be necessary to also re-paint the walls and remove the acoustic ceiling to completely eliminate the smell from the previous tenants? 

The tenants do have access to the basement though because they have a ton of junk down there.My question is can I ask them to remove all of their items from the basement and change the locks to eliminate their access to the basement?  

Estimates for removing the tile are about 10K, so I'd prefer not to remove it.  

i would go in the basement or crawl space below it and see it there is another shut off valve on this line. if there is, remove the piping after that valve and to this one. cap off the lower valve and leave it in the off position. no need to have this thing sticking up thru the floor if you are not going to use it here

Will ultimately replace cabinets next yearRooms:  Paint over walls, remove popcorn ceiling. 

Rehab budget around $20K - $25K and 4-5 week timeline.While I have my own thoughts on the rehab, I thought it would be interesting to crowdsource input from this forum on particular items, such as:Pergola in backyard:1) Keep it2) Remove it3) Replace canopy (if so, which material)?

Put french doors to the porch on the dining room, and change the railings on the porch so that it doesn't look so much like an entrance (maybe just remove those railings altogether?)

Waiting on estimates to either:-fix chimney-remove brick and convert old chimney to a metal vent protruding from the roof-replace water heaters to direct ventSee how ugly it is?

Had a guy in our store the other day, was buying a register boot ,,,said his tom cat pee-d on theirs and smell could not be removed so he was replacing the end  boot.I know how aggravating it can be. 

Hi @Davit Gharibyan and @Anna Dube,Fannie Mae removed the continuity of obligation requirement within the last year, for rate/term refinances.