In the end you just want to ensure you are taking the proper steps to minimize your exposure and keep your assets protected.

Deal shark swimming through the dark cold waters.

How do you minimize future problems?

From the outside, it will look like a dark room, and from the inside, you'll have a fresh slate to install your shower surround (just make sure you don't screw through the plywood and shatter the glass behind it though!).

One was because the lights had gone out on the main floor, and "it's too dark right now to go down to the basement to check the generator."

I think the first question is do you want to be a rental property investor or are you just figuring how to minimize your loss?

Begin with smaller flips, using other investors as your bank, which will minimize your risk.

Depending on the situation of the seller, you may have to come up with a down payment to cover the sellers earned equity, but many homes have dropped in value since mid 2022 and sellers are being left with very minimal equity depending on how much they put down when they purchased. 

Fresh out of college, we moved to Dallas, TX to take on entry level jobs making very minimal amounts of money.

To sum it all up: your top priority is to serve your interests and earn profit, therefore you should do everything you can to minimize risks and maximize profits.