If we do purchase the building, the plan is to renovate it to be pet friendly and resistant.  

You will lose your shirt as many other out-of-towners have.I get calls weekly from people in New York who couldn't believe or resist buying properties for $5,000 to $10,000 or even $40,000.

I am tempted to go in there Wednesday with a sawzall and cut lines in the basement to at least give the water somewhere to drain (path of least resistance = large missing section of pipe to be cut by me, water drains downhill, etc).I am simply wondering what my options are with regards to this water problem...if water starts flowing in the walls odds are the house will become totally trashed any beyond any repairs I am willing to make.There are 13 old cast iron radiators in the property as well...all of which have blown.

@Ryan SwanLuxury vinyl plank has become quite popular in recent years due to its resistance to water and staining.

Been resistant to join that but may end up doing it.

Most of them just take the path of least resistance and learn it the hard way.Let me share with you a brief story.

We ended up going with Coastal Oak LVP on this one. 1.99/sf, lifetime warranty, waterproof, scratch resistant and interlocking.

WTH -- it has pretty much guaranteed our maintenance guy will have steady paint work at that facility for the foreseeable future.Buy hardwood trim and paint it if you like but educate yourself on the hardness level of various woods and ability to resist damage - painted trim looks good but if people are banging into it all the time it's the dumbest thing to install what is basically cardboard IMO. 

(It was basically just several sales pitches.)Since this wasn't my first rodeo I was able to just observe, pick up a few nuggets and resist paying for anything. 

I guess I’ve been hesitant as I assume these deals were put under contract at pre corona prices but not sure.All I have learned is that these assets are recession resistant.