Older houses had cast iron pipes, the over the years galvanized pipe and then copper came into fashion.

Iron sharpens iron. 

Ironically, I ended up starting a business in real estate....so best of both worlds....but that's just what happened for me.

Guess i should speak to a local bank for better options, i just needed to get my plan ironed out before i spoke to anyone else. thank you for the advice i will look further into it

(roof, cast iron plumbing, electrical, etc) Its also really important to have a grasp on the current lease situation.

Ironically, these are growing parts of our economy.My recommendation is to consider partnering with another investor with a W2 income.

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.

Other information that will make the need to replace flooring make more sense:1) When the current tile floors are removed, I'll have plumber trench and replace the old cast iron sewer lines in the slab. 2) Former garage addition is below grade, which will be filled and brought up to main living grade.

I'm going to repost in this thread because I got some great feedback from ppl and I will also start another New  thread asking the same question.So My house sold for 145k it appraised for exactly that Ironically.  

The “lifetime lease” is iron clad- no evictions allowed.