Millennials have basically given themselves two options in terms of housing: renting, which means kicking hundreds and in some places thousands of dollars out the door every month, or buying a nice 3-bed/2-bath that they can barely afford and drains their cash flow.

Also specify what isn't allowed to go down drains/toilets/sinks? 

As the units were draining the drain hoses were just pouring into the floors and water was continuously running into them.

I've contacted two contractors for estimates on installing a french drain around the house - don't have the estimates yet. 

My one caution though is you should never be draining water OUT of a house.  

scope of work/rehab: converting to central HVAC (new), refinished hardwood floors through out, paint interior & exterior, new tile in kitchen & bathrooms, new tub stall, new faucets, new vanity, new water supply lines, new water shut off valves, new light fixtures, new outlets, new light switches, new countertops, refinished cabinets, new washer connection box & drain line, new dimensional roof (already installed), new front & rear doors, new closet doors. 

And remember that on liquidation, your note will not be the first money to go down the drain.

We have people who mow and plow, and in one instance open and close (drain pipes, shut off the heat and water) the house in winter before and after each winter guest. 

I asked the realtor to stop so we could get some lunch, I was drained and needed to recharge and rethink.

You said the second property needs $2K in cosmetic work in addition to the $1K you'd be putting down, so that basically drains your cash ...