I'd be more worried about what's gone wrong with the plumbing above this than the cosmetics of the wall and ceiling surfaces.

If you both are bring money, credit and minimal experience - then from the surface I am not sure the value of a partner.

I have been following this email thread and it would appear from the surface to be fraud.  

In furtherance of such obligation, TENANT AGREES TO PERFORM THE FOLLOWING:1.To keep the Premises free from dirt and debris that can harbor mold;2.To inspect the Premises regularly for the indications and sources of indoor moisture;3.To immediately report to Landlord any discoloration evidenced on walls, floors, or ceiling and/or any water intrusion, such as plumbing leaks, drips or flooding;4.To not air dry wet clothes indoors;5.To always utilize stove hood vents when cooking items that may cause steam;6.When showering/bathing, to always utilize the bathroom fan and to notify Landlord of any nonworking fan;7.To water plants outdoors;8.To notify Landlord in writing of overflows from bathroom, kitchen or any other water source facilities, especially in cases where the overflow may have permeated walls, flooring or cabinets;9.TO IMMEDIATELY WIPE DOWN ANY WATER OR CONDENSATION THAT APPEARS AND/OR DEVELOPS ON ANY AREA OR ANY SURFACE;10.To clean upon first appearance, any mildew from condensation on window interiors, bathroom & kitchen walls, floor and/or ceilings.

I would look outside of Poughkeepsie to the West.Long winded response that barely scratches the surface.. hopefully its a good start for you though.

That seems like a pretty fair deal on the surface without knowing the nitty gritty.

If the asbestos-containing product or surface is in good shape, the mere existence is not nearly as big of an issue as most think it is. 

All of the interior surfaces (drywall, flooring, most trim, lower cabinets etc.) need to be removed, the house needs to be dried, everything needs to be sprayed to kill any mold, and surfaces need to be replaced.  

Thanks everyone, I don’t have a great deal of expertise (I feel like I’ve only scratched surface) but I’m happy to contribute any way I can here on BP.

I'm a newly licensed Realtor and planning on a more traditional clientele of MLS listed properties, but I've scratched the surface of the legal licensed "wholesaling" enough to realize I highly respect those guys and their hustle.