Also they need to dry that area if it keeps growing mold. 

It's not as cut and dried as some people think. ;-)As @Chris Seveney: says, "keep the house and restructure the debt" I've done that for people too.

Easement by necessity is state to state each has their own rules and its not cut and dry as I have found out over the years.. but I will let Peter answer  he is the expert.

Issues with the property at closing: low water pressure, aging roof, several lights not working, dated interior, water stain under HVAC unit, damaged decking (burn hole & rotting boards), old appliances, holes in drywallAnticipated cost to renovate:  $22500 (includes roof, repiping from old galvanized pipes, renovation of currently empty unit)  The currently occupied unit is TBD on cost, the tenant has been in place for the past 3 years.   

.- Repair wood rot as necessary, specifically seen in the soffit.- Repair / replace soffit screening as necessary.- Seed lawn as necessary, especially after tree removal.- Repair as necessary the water tank shelter on left side of house.- Remove awning from back left corner of house.- Remove rear fence.- Repair rear porch as necessary.- Paint front porch floor gray.INTERIOR:General:- Paint throughout, space gray, with high semi-gloss white trim.- Replace electrical outlets, switches, plates with new white.- Tile throughout (bathroom will get different tile.- Install new windows throughout (18), install new trim and replace rotted or damaged framing as necessary.- Install new white vent covers throughout.- Install (brushed nickel?)

You will exponentially increase your dry powder.

Some people get lucky and enter the game when everything is easy to sell, but the market eventually dries up.

with an 1880s wood building (age of many 2 flat buildings) it’s not if you have rotted wood but where. for me it was a constant battle caulking/replacing windows spraying insulation to keep cold air out and conducting yearly termite inspections. you might still have some of these issues with brick buildings but you have more time (fix it this year as a opposed to right now) @Mark Ainley curious if you have any other anecdotal reasons why brick is better than wood- i know i’ve heard this come up on the podcast numerous times

Their content is much less dry, they do a better job of explaining the purpose behind rules and regulations, which I think is very important.   

Respectfully, it isn't always that cut and dry.