If the condo becomes non-warrantable which could happen from a major assessment, mismanagement of the HOA, too many people not paying their HOA, litigation, etc, the value can nose-dive as new buyers can't get low-down financing for the units. 

We look for older properties in good locations which are nose against obsolescence and determine if we can modernize and rejuvenate them.  

No skin off their nose.

I always at least returned every call to say no thanks.However many Contractors have been led around by the nose for years by 'potential clients' that are 'going to buy a rental' and want 'your best price', because 'I will give you lots of work'.

Hello @Chad McClanahanI believe today is the best time to get started.Opportunities always abound, its just that education , experience and training may be required to spot the opportunity right under our noses.

The best thing you can do to protect yourself is to have the basement tested for mold by a company that does only mold testing and not an abatement company.At the same time, you can send your tenant a letter warning them that they will be liable for mold testing if no harmful mold is found and you will pay for testing if any harmful mold is found.The very next thing we do is; send your tenant a certified letter telling them that if they suspect their health is at risk for any reason that relates to their rental unit then your tenant should not reside in your unit for one more minute and should move to a place they feel is safe because you will not assume liability for exacerbating their health issues, if any health issue in regards to mold exists.At this stage, all communications must be in writing and well-thought before communicating.Your situation has happened to us several times and we had a tenant who lived in a brand new unit for only 10 days and he told us he was vomiting and had nose bleeds that resulted from mold.

Great flashlights and extra batteries that fit, super long extender ladder, korkers/or other brands over shoe to go over your steel toe boots, GFCI tester, moisture meter, a dog nose, an extender mirror, shovel to check foundation moisture, respirator as some properties have gross smells or chemical exposure, regular retractable tape measure forget the laser one, 5 gallon bucket, zip lock baggies, brown paper bags, putty knife, variety of screw drivers,Are you checking basements?

You stick your nose into this mess and someone might flatten it...

The bank president gave me a bloody nose. 

I am looking forward to this journey & I'm excited to put my nose to the grindstone!