There can be exceptions to either requirement, but that's the standard. 

I'd like to install the standard Allure luxury vinyl planking (with an adhesive grip on two ends) in an upstairs unit of a fourplex in which I took out carpet. 

Same wall has an exterior defect that allows water to intrude through stucco from below due to no weep screet and soaks the base wood frame.

Weeds were 3 feet high, fences and railings falling over, wood rotting out, roof with moss peeling back the roof to allow in water. 

If not then we would do an eviction.I assume you did run title to make sure you bought a 1st position lien and there are also no water / sewer / municipal liens or taxes owed on property.

There is no scenario that you hit $17,000 unless the oil has hit a movable source like water or has contaminated a neighbor's property.

They are still within one standard deviation. 

Look at loan options like standard loans, group loans, or private funds.

to be clear, I'm still buying - I just closed on an off-market condo I'm rehabbing, and I'm  working on a seller finance deal.I was trying to point out that a conventional deal - a standard, long-term rental purchased at market price, with conventional or DSCR debt - will not cash flow. 

Would need new floors, cabinets, stove, fridge, installing a ceiling in the kitchen (currently a drop ceiling), trim, and running a water line to be able to install a washer/drier.