HELP! How do you permanently remove mold damage?

[James W.]

I found this house in a great neighborhood that needs rehab and is being sold for very cheap.

The problem is that there appears to be mold damage in the basement recreation room on the wood panels. It looks and smells awful! Is there a way to permanently fix this problem?

I heard you can clean the mold with bleach. I was also thinking of replacing the carpet with tile floors to prevent accumulation of mold. Also replace the rotten wooden walls with beadboard.

Would a sump pump prevent the mold from coming back? Any ideas?