The floating floor is fine over a wavy floor if the waves are long enough, (.between joists). but not good, in my opinion for rental.If you plan on having the home for the long haul. fix the floor.. it's not that hard and you may only have to do it in parts, go back to the joist always.. you will rest better and your investment will last longer

I think this is a good post and I will play devils advocate to the responses just for the heck of it.The main replies have been a) the economy is fine don't worry about it and b) were in this for the long haul don't worry about itBut remember, we live in a world where the economy is so weak that investors, businesses and even banks and governments are watching to see what financial engineering will be needed to keep the train on the tracks.

Now if the flood was entirely their fault  like due to a kid toy in the toilet I would not discount the rent but that is not the case here.   

I have seen some places haul these away for free for $1,000, and sometimes you can pay two guys $750 each to dismantle it by hand or with a dozer and load into a 30 yard dumpster.  

Those are your options as I see them, and it will be challenging any way you slice it, as it always is in a competitive market like ours.Now for the silver lining ... once you gain the skills, experience, and capital to operate profitably in this market, the world is your oyster ... strong supply and demand cut both ways and that which is difficult to buy tends to rent or sell easily and appreciate over the long haul due to those same supply and demand forces, so just because it is difficult doesn't mean you shouldn't do it as most worth while things are difficult.

But again if you are not paying the utilities then its a lost cause just to have come cool toys for this market.    

They will not accept things such as flushable wipes, personal wipes, baby wipes, paper diapers, sanitary napkins, tampons, wads of toilet paper, dental floss, balls of hair, paper towels, newspapers, grease, oil, table scraps, bones, clothing, rags, sand, dirt, rocks, or children’s toys.

Customized invoices, online payments, automated reconciliation (not fully automated) and a hundred other nifty toys. 

The two adults are hauled off to jail (one on parole, had it revoked, and the other was wanted on another charge), and I end up at the PD to sign the complaint.

Hi Jon, Thanks for comments and I concur and accept that I will have to go through a lot of no's before I get to yes with REOs.