Good day BP family, Unfortunately, excess moisture needs to be dried out in the kitchen ceiling which is also the bathroom floor (great!).

We went back to the studs on all lower floor walls/ceilings.

Floors, ceilings, baseboards, etc.

My profile has a long list of lenders that do HELOCs on investment properties in different parts of the country…and I’m not selling anything.You obviously hit a ceiling, which is why I went over to DSCR lenders.  

Once my new management company took over, they inspected the property and noticed the ceiling of one of units was caving in due to a leak from the upper floor.

This is the basement we are talking about, not the ceiling.

The ceiling height must be up to code, windows must be standard size, etc.

remodeled basement - kitchenette, walk-in closet, floor to ceiling tiled walk in shower, built in storage What was the outcome?

Either way you're hitting a ceiling of 75-80% financed. 

See Vacant Building Ordinance and registration form at https://ipiweb.cityofchicago.org/VBRCN193029Maintain watchman from 4:00 PM to 8:00 AM for vacant and dangerous residential premises. (13-12-140)CN193019Repair or wreck dangerous and vacant residential premises. (13-8-100, 13-12-125, 13-12-130)CN193000Maintain building in safe condition so it does not constitute actual and imminent danger to public. (13-12-130, 13-8-100, 13-12-120, 13-12-125, 65 ILCS 5/11-31-1) Maintain building windows and doors in safe condition. (13-196-550) Maintain stairway and porch in safe condition. (13-196-570) Maintain floors, walls, and ceilings in safe condition. (13-196-540) Maintain building in safe condition.