If you have a low rental price, it's generally a different demo looking at the units and therefore it can probably be rented even if it's not fully complete.

@Alicia Johnson check with the city again, current state law should be in your favor and allow conversion without demo, I'm in the process of converting a garage in Inglewood thats about 4-5 ft from the property line.

Your inspector definitely should have mentioned it because a lot of houses built at that time had asbestos but you can't see it until you demo and it's not a problem as long as it's undisturbed. 

3) What is the best way to shut off the water in order to have demo company cut and remove all plumbing lines?

@Kevin Yang glad to see that you are on BP looking for advice!  

Hi @Chris Yang, greetings from a fellow engineer and welcome to BiggerPockets!

You regrade the land around the external perimeter of the house or in extreme cases add a sloped 36-inch concrete perimeter, paint the interior bare walls of the basement with Drylok to mitigate at least SOME of the casual problems,  and run large dehumidifiers down there.Of course, in order to do this, you've got to demo the whole interior of the finished basement to put in interior French drains.

Do you have any demo videos on your web based product ? 

Payments were made over five separate draws.Closing was done remotely (FedEx closing docs overnight) and demo began the week after.

It does seem realistic to me for the property to have zero or even negative salvage value due to demo costs after 27.5 years with no maintenance.