studs & baseplates have rotted (picture included)

[Milind Shastri]

Hi guys!

I've got an interesting additional room on a flip property. 

Looks like the bottom 1/2' of everything structural has eroded/eaten away/magically vanished!

Now I'd like to retain this room but, clearly, it needs structural reinforcement. I'm looking for a cost-effective solution to bring the room up to code. 

I think it might need a new cement beam poured and new base-plates & rebars installed. Is there a cheap way to do this without moving the existing good portion of the studs?

Cheers!