For commercial buildings, we usually use an LOI instead of an offer and it lays out due diligence (i.e. physical inspections, rent audits, T-12) before the P&S is even signed. 

That said, being in California, its a single action state so neither of you have to worry about anyone coming after you for a deficiency.My two cents, unless there is TONS of equity and/or unless you have tons of discretionary cash laying around to reinstate, I'd let it go and start over.

Has anyone had any experience w/ DYI Bathtub and tile refinishing?   

@John LeavelleThanks John, I literally just put a couple numbers in that were low because I've completely made the property new from the roof all the way to the exterior siding, paint, unit 1 & 2 now have new carpet, cabinets, granite counter tops and tile flooring.

-Full kitchen tear out and rebuild $10000-12000-All new flooring $3000-$4000-Paint $1000-A few fixtures $1500-2250-appliances $4000-roofing $6000-8000-Siding (is a maybe depending on how the rest of the neighbor looks) $3500-5000-deck repairs $1000- garage door $800-1500- Bothroom upgrades $3000Depending on the lay out we would be looking at doing master suite with a Bathroom.

If someone could prove that unusable fireplaces add value, I'd start learning to lay brink.I almost beat what is happening is that when buyers are touring properties bet they say things like they love it, its gives it that old fashion feel.Taking that at face value you miss what i am assuming in buyers trying to convince themselves, that the house is worth buying, even if it does come with a worthless eyesore.  

Everywhere else gets either vinyl or tile because they are higher traffic. 

Think about it this way: Walmart might have to lay a bunch of people off, but they will probably stay in business.

Presence of Asbestos (pipe wraps, tiles, etc.), Radon, or other environmental issues10. 

I'm renovating a 2/1 duplex; unit 1 became vacant a few months ago so I did a full renovation on that unit, went with tile flooring and granite counters.