For example, if the sewer system backs up are you going to tear out contaminated materials or will you want to try to clean them and "save money" (not recommended).

.- Had handyman tear out some tile in a bathroom and replace it, as cheaply as possible.

If you haven't already take the time to learn what's involved in being in real estate, because there is a lot of hype around how lucrative it is, but not as much about the blood, sweat, and tears.  

I can't tear the bricks out, just to put sheeting and vapor barrier. i want to accomplish both with the spray foamhere are pics.any suggestions?

Unless it is the deal of the century I never take occupied properties...never...that said you probably have to go through the eviction process...I have never had luck with cash for keys but you could also try that...if they seem reasonable they might want to continue to pay rent but most likely they have been squatting and will tear the place apart so I circle back to I never bid on occupied property...

We only received the deposit claim today, so we should be within the 15 day period.The following two paragraphs are the only ones that tackle repairs:"Tenant agrees to take good care of the house and its equipment, or if damaged, other than ordinary wear and tear, Tenant will make repairs and replacement equal in quality to the original construction and if the Landlord makes these repairs, the Tenant agrees to pay cost of same upon presentation of bills.""

Tear down and new construction.

I knew an investor in NY who did a huge rehab without the proper permits....the town waited until he was done and made him tear it all down and start over!  

I was thinking like you because if no one buys the property they just go to waste and after so long, the city will come in and tear them down.

At least with a 1 year tenant they get to pay all your expenses to get the property back on the market, at 2 years you get to since everything is considered normal wear and tear.