@Zackary Hirt, you're just scratching through the surface of real estate investing my friend.

(2) Chlorine Bleach does kill bacteria and viruses, but has not been proven effective in killing molds on non-porous surfaces.

Ryan, On the surface Yes. 

That’s what I thought you were talking about, and I love that idea, other than the need for a plywood surface underneath.

But the resulting surface won't generally be perfect, so you generally texture it.....also not hard to do with an air compressor and one of those texturing hoppers from HD, and a little practice.  

After the ceiling is dry it is best to sand the surface, this will remove any residue left on the sheetrock and give you a better surface to apply your new texture of paint.Depending on where you are, check your local codes for disposal.

I don't think your wood planks or bead board are going to look good and I'm not sure its going to be as easy as you think to go over the popcorn, as the surface isn't going to be smooth.

It is a buyers market, so my advice is to position yourself to be able to purchase if a deal surfaces. 

You’ll soon discover that the information you’re studying to pass your real estate exam doesn't even scratch the surface of all you need to learn to be a good real estate agent.

And no, many investors don't think to ask for it until a history of claims surfaces after it has been purchased.