I am pretty sure most states have a habitability clause where if the landlord can’t deliver the apt in habitable condition you don’t pay rent.

Our military is not in the business of letting rounds fly into civilian homes.

The bubble is crazy over priced and inhabited by quicken loans employees - the wild west is the vast majority and inhabited by minimum wage workers, SSI scammers and criminals. 

If you can find an element of distress but the property is still inhabitable then you can often times just do minor cosmetic things and get a much higher appraised value. 

The property was inhabitable and required over $100,000 in repairs, including foundation and retaining walls work.

As long as the property is 500K or less and you move into it without 92 days and inhabit the residence for at least one year.Which definitely saves some money and makes cash flowing more possible.

House values going down is part of a bigger picture.Job losses, longer unemployment, lower cost rentals coming on the market with lower rents competing for fewer renters, due to many double or tripling up in SFH's and apartments.Owners financially unprepared for large expenses (roof, HVAC, major plumbing issues, and can't HELOC or increase credit cards and renters move out of un-inhabitable unit, payments get behind lender seizes the asset.Divorces force sales at fire sale prices....Less renters looking to rent, looking at lower priced competitors that would make some upside down if they charged that little.Owner loses job, or business income falls off greatly, and needs the payment on the rental to survive (replace dead car, etc..) so keeps pocketing the rental income but not making payments on the asset--bank forecloses and asset is seized.and probably a million other hard luck stories...2007/8 was nothing compared to the early 90's meltdown.

House should be inhabital by end of March. 

Writing contracts is a mine field.I know almost nothing of the niche you are speaking about but my educated guess is that - provided what I'm about to write is legal in your state - you want to find very motivated sellers of the lots (developer and/or civilian owners), get options to purchase for at least 6 months and preferably a year or more (usually best to also have as an addendum the completed purchase and sale agreement that will be used, and secure your options with mortgages.  

When we acquire a home or apartment that has been inhabited by a heavy smoker for a long period, we plan on a full gut of the worst impacted areas/rooms and sometimes the entire premises (and budget for than in our offer to purchase).