The buyer SHOULD have gotten inspections which would uncover dry rot by poking into exposed wood, other than smelling musty or seeing black or green scum on the walls a mold inspection is more detailed and samples go to a certified lab. 

@Evan Polaski We laid out our payment schedule in black and white and made sure our contract includes approval for any changes to the scope of work ahead of time.

For example, you buy the place and the tenant could claim the Seller allowed them to paint the walls black or that their security deposit was twice what the Seller claimed.

1 -MAke it a habit for self development and be patient with that ,  2- Network (but be humble) ,      3 - Always be the giver, ( don't try to network with the intention of what can they do for you, ) but how can I add to them  ( and if something happens, cool and both can be in a symbiotic relationship. 4- Make Sure YOur vision is bigger than Real Estate itself.. cos you will encounter a lot of set backs and you want to make sure your vision push you through it .   5 - Never think RE is black and white . ( ill semi quote a Bruce lee quote, I encourage you to google it)  Be like water , cos it has the ability to shape in any form ..

It's black and white, and as many issues as you can see that way the better you'll be.Get them to sign a strict lease setting expectations.

I would tend to steer you towards Black Mountain, Brevard, Waynesville over Canton, as I believe they are more desirable, but ultimately, go off what the data shows and if you can meet your target CoC, etc, then it could be a great opportunity.

Black out the names if that's better confidentiality, just show me numbers.

If it's polybutylene (flexible black stuff), plan to replace all of it before anything else.How's the roof?

They are literally garbage cans where the garbage spatters in the inside walls and under the large black gasket.

They don't exist, and you can't make them.Knowing what a bad deal they're locked into, Chinese investors who have successfully acquired extra property then look overseas, and they cash out in China to leave someone else with the hot potato and buy up property in HK (before recent events), Australia, Canada, and some cities in the US without many black people (mainland Chinese investors hate buying in areas with black people).