During winter your condensate line p-trap (if there is even one) may dry up.Your HVAC system should run under positive pressure, so I think it's more likely that former than the latter, though don't rule anything out.  

After closing I think he found some old dry rot some where and began tearing apart the the wall. 

Keep your feet dry....

So I've been storing dry powder for property No. 2.

How many houses would sit and rot if they weren't rehabbed?

That means they may get 3 leads in one month and be dry for the next 5 months.

Groups that move quickly on large land plays usually include experienced land developers, family offices, private equity real estate shops, or institutional-leaning partners who already have dry powder and a track record with entitlement risk.

Even if there is a dead rat, if it is past the point of smelling, it will just dry up. 

The result of this is that tenants can't pay their rents and landlords hung out to dry.

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