Also, there is no visible mold and no mold smell in the basement (there is a little on the caulking beneath a single pane picture window upstairs which I'll deal with).That didn't sit too well with the tenants as they have been looking online and finding information about how dangerous it might be, and it didn't help that the first report that I had done the inspector attached a boilerplate message recommending a full HVAC cleaning (ducting is 1 year old) HEPA vacuum, air scrubbers, double washing everything in the unit with bleach, etc. so now the tenants are being fairly combative and insisting that more needs to be done.

Something smells fishy though.

We pulled all the carpet, etc  but the smell was still super strong - it was into the walls, the ventilation system, and attic! 

Was a complete mess inside, very bad smell, rat infestation and all the attributes making it a good deal for an investor.

Was a complete mess inside, very bad smell, rat infestation and all the attributes making it a good deal for an investor.

I'm getting a lot of differing opinions from both real estate professionals and regulating bodies. 

Quote from @Chris Seveney: @Bernie BurkeIf you invest in a syndication make sure to get updated reviews - whether here on BP, or in other investment clubs, a lot of the buried bodies are making their way to the surface.  

That means stop running numbers (useless if you haven't looked at properties in real life) and start getting out and going to Open Houses to see what 200k or 300k looks and smells like in real life.

But trust me people are not stupid they will smell insensitive people like you from 20 miles away!

You'll want to saturate that subfloor with some enzymatic cleaner and possibly some odor blocking paint thereafter if it smells really bad.