Commercial lenders are usually terrible for multiple reasons and COVID-19 has put the highly levered ones on the brink of collapse (RCN Capital). 

I generally budget $100/ft for full guts and if there's other work like digging down basement, underpinning, rebuilding exterior walls that are compromised/collapsed it can go up a bit from there.

This can’t go on forever, and with endless supply of money printing-when inflation hits or the dollar collapses you’ll still have a real tangible asset to convert into crypto or new dollars or gold or whatever means governments use for value transfer.If you’re not saving your stimulus checks to keep as reserves for your primary and/or rentals I hope it’s for unsecured loans like credit card debts.I don’t want to sound judgmental, because I’m not trying to be, but I am in survival mode right now-with the goal to have all my properties after the pandemic that I had when it started.

If you do not, you will be shocked at the amount of money you can spend on clogged pipes, leaks that damage dry wall and collapse ceilings, low water pressure from rusted galvanized lines, etc...  

There is not going to be any equity there and you're going to end up in a negative equity position if you purchase right now and your cash flow is going to go away as the market collapses.

Then get ready to go into the deals that are going to make you a lot of money based on the future market collapse.

Foreclosures is laughable, I have heard those same apocalyptic hopefuls talk on this too but fact is short of alien invasion there is nothing to make a 08/09 collapse repeat.

If the market collapses tomorrow and that house becomes worth $50k, you can walk away with very little cost to you (besides the credit ding, but that's beyond the scope of your question).

Is that the real estate downturn, or the oil downturn, gold downturn, silver, hog bellies or whatever they're trading an hour or so south of me in Chicago  . . . and of course for all of those downturns, you can find the exact opposite predictions from SOMEONE for anything and literally you could spend all of 2017 watching non stop youtube videos, listening to "financial whiz" podcasts and interviews, there's the screaming "I'm bald but refuse to do the shave your whole head trend since I'm too busy screaming about stocks all of the time" stock dork on CNBC or wherever he is (maybe MSNBC-oh wait, they've got the entire on air staff on 24/7 suicide watch since the election results came in at MSNBC) Anyway, point is that you can literally find someone pushing ANY prediction and what is also very troubling is that MANY who push the "downturn" scenarios and ESPECIALLY the "major downturn" or even the incredible # of "global economic collapse is any day now, might even be tomorrow!!"

I am under water on my first buy with them as a result of this and the rehab costs, I wont be able to fix the termite damage only do cosmetic stuff as any other way the place is a teardown,collapsing roof collapsing floors all window frames rotten,etc.