Obviously, the more money you put into and hold in a property,  the less $$ you potentially have to play with in terms of getting another property (assuming you don't have very deep pockets).

Hard to tell exactly how deep it was but let's assume ceiling is 8 feet and there wasn't more than 2 feet between water level and ceiling.

Wishing you all the best as you plunge into the deep end of the pool. 

Then I would add a narrow kitchen island on casters, maybe 2 feet deep.  

If you are worried, do a little extra due diligence, and dig deep to see if you can come up with reasons, other than where their income comes from, that they would not be a suitable tenant.Rob

The landlord business is not for everyone, and deep pockets are needed to stay afloat. 

If you have deep pockets or a partner willing to pony up be prepared to outlay 30-40% of the project cost between down payment, closing, first construction draw, etc... while you wait for inspections and draws from the banks to be processed. 

Because the rents were so low, there was a lot of deferred maintenance, a previous lawsuit with a neighbor that a tenant told me about, and problems with garbage pickup because bills werent paidOverall, If I had believed the financial statements, I would be in deep doo doo now.

It is for people who have experience with rehabs, have deep pockets, financial analysis and an understanding of markets and market cycles. 

It might be the last to get hit, but the wound runs deep.