I used the same technique on a sunken walkway and porch step also with good results.This is called mud jacking (among other things) and I've used it before with good results. 

Depends, if this is a flip, I would cover all the wood with 1/4" drywall, mud and tape.

While large numbers of tenants are undesirable I would be inclined set that issue aside along with the pet issue.

The best tenants stayed and the undesirable tenants left on their own after becoming aware of our management style. 

Drywall mud and paint can cover up a lot of previous damage that may return shortly. 

Perhaps the "free" materials are the proceeds of something undesirable?

It keeps people from tracking mud and dirt when there is a lot of showing traffic (if people use them) and I also look to see if people use them.

Clear as mud, right?

i agree carpet is quicker and easier, the sanding would take me 3-4 days. and that's if i know what i am doing.also, there is a area where they had a half wall. they took it down, but patched it with similar size planks, wrong wood. and worse, they screwed those pieces with drywall screws. and if this was not bad enough....they slapped some drywall mud on top of that. do not ask me what they were thinking and why. i want to slap some people around for being so stupid.will take some pics later on and post them. thanks for the feedback everyone.

I just had a 10 X 20 patio mud jacked so that it no longer slopes toward the house.Seal any cracks in concrete or asphalt surfaces to keep water from getting under it and then traveling toward the basement.