I have done two deals in Washington, but neither was done with a "creative" strategy and were pretty cut and dry.  

It was built in 1952 and could use some upgrades (rotted out bathroom floor in one unit, rotted windows, and some aesthetic upgrades among others.)

It was built in 1952 and could use some upgrades (rotted out bathroom floor in one unit, rotted windows, and some aesthetic upgrades among others.)

Gut check - it's a winner, as long as it isn't a rotting shell, has a ton of liens, etc.From there, then you can run your numbers and confirm or deny.Keep at it - there are plenty of deals out there. 

Rot at the window-sill and around the window is usually a point of water intrusion, improper flashing, and other issues. 

.- Had roof contractor dude fix part of a car port roof showing signs of wood rot, bare minimum required.- Had handyman tear out some tile in a bathroom and replace it, as cheaply as possible.

The bottom of the door had rotted and apparently rain water could get inside.

Two are fine but one needs work regarding the dry wall & bathroom tiling. 

DID THEY DRY OUT YOUR UNIT?!

I recommend minimum 4 coats with poly.  2 seal coats with buffing between and 2 final coats  You can use water base as  well if you prefer, finishing will dry faster allowing for more coats.