@James Z. my big warning here would be that as soon as people know you have serious cash to invest all sorts of opportunities will come out of the woodwork.  

Plus, I guarantee you, if you find a good deal, cash buyers will come out of the woodwork. 

The joist under the floor are all mold, furnace is trash, hot water heater gone, all new paint inside, woodwork.

Within a few days of finding this out, I discovered that a notice of foreclosure had been served.We are aware of external repairs needed on the house (some of the same things we have had to do in the last few years - woodwork needing to be replaced, etc).  

The real problem was the tenant had three cats and the unit was a piss barn and the woodwork was scratched to high heaven.

@Ed Osowski comes out of the wood work!!

The shells were gutted and EVERYTHING was replaced, walls, ceiling, floors, roofs, plumbing, heating, electric, AC, kitchens, baths, windows and all wood work. 

Whenever you remodel a property sometimes things can come out of the woodwork.  

Some benefits of old homes is the woodwork and other features.

Maintained as much of the historical woodwork and wood flooring as possible.