Good to see that we have at least scratched the surface of a good start.

On the surface, I would defer to the 50% rule here on cash flow.  

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

We'll be gutting the thing and replacing most every surface; however the layout is ok so we wont be doing anything in the way of moving walls/etc.

My first apartment deal is likely to be an owner financed venture with low money down; a distressed property that doesn't seemed distressed on the surface.

I've barely scratched the surface but so far its an inspiring and insightful read."

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. 

A good flooring company would be able to sand smooth the transition.By layering over multiple surfaces you may develop cracks, squeaks, or other problems, which will mean you would need to rip up the floor anyway.

You can't use what is there because of the water running all over the existing surfaces, they aren't water proof.

There are defenses to liability for property owners whose property is impacted by contaminated groundwater from an off-site source so long as you exercise what is known as "reasonable care". (2) since you will be using this for self-storage, this will be considered a commercial, not residential use, and many states have less stringent standards for commercial properties since people are not occupying the property 24/7. (3) If the levels in the groundwater would pose a risk of vapor intrusion (vapors migrating up from groundwater), you can install a passive sub-slab depressurization system (ssds) that acts like a radon system-capturing the vapors before they can get into the structures.(4) if soil is contaminated and you plan to pave the surface, this will generally be sufficient remedy if the soil contamination is at depth.