And the original poster doesn't own the house and hasn't even made an offer to buy it - so the layers of chance-taking are many and great from my perspective.

They don't go in the attic to check the insulation...then are surprised when it is sawdust...they don't climb on the roof and are shocked when it has multiple layers or needs replacing...they don't make a trip to check if work is permitted or not and are shock shocked when it is not...I like to think they are trying to get potential buyers to be aware of all the pitfalls out there when rehabbing and showing you some basic things that can be wrong...That said I am so glad when folks rehab the older historic homes here...99% do it to live in ...there is no way to make money flipping here with prices as they are

What you intend to do with the property is vital.

We found that the click system installation and a wear layer of 20 mil (definitively no less than 12 mil) gives a great combination of affordability, ease of installation, and durability. 

That way I can avoid the ZOOM OUT - SELECT - ZOOM IN steps and also less pop ups, right now as I move the cursor from one spot to another it is difficult to avoid accidentally passing over multiple layers of pop up menus which obscures the targeted and makes you move away to come at the menu from a different spot.

If the bottom layer of drywall you might have to replace those sections or the smell will remain. 

While it can be vital to have a worst case scenario in mind when making an offer, simply using a from the hip "full rehab" number just misses the mark.You need to be making informed decisions with realistic numbers.

This usually doesn't happen here any more with banks since there is such competition here at this time (but we found extensive damage that was hidden such as the roof having three layers of roofing, the bottom which was cedar shake with ZERO sheeting at all).Pre-purchase: 2bed/1bath 800 sqft finished living space with an unfinished 720sqft basementAfter Rehab: 3bed/2bath 1520 sqft finished living spaceRehab consisted of: demo, re-wire entire house, move electrical panel and update, roof, siding, hardwoods installed, build new bath in basement, add master bedroom in basement, add washer dryer closet in basement, remove upstairs wall and add beams, remove addition in back and rebuild deck, fencing, landscaping, EVERYTHING, you get the idea.This house did take a full month longer for rehab then anticipated, but it all worked out in the end.The Bad: Budgeted 75k for rehab, ended up 88k, anticipated 60day rehab, took 90days, termites, no HVAC where we thought, Water heater was leased so it got removed after buying it (didn't know that), had to fire a contractor and have others fix his bad work, bath tubs were lain incorrectly and was not discovered until we were ready for tile...The Good: House turned out WAY better than thought, the additional time for rehab gave time for neighborhood market to increase as well, low inventory at time of listing, sold in 4 days.Numbers:  Purchase: $165k (CASH)Rehab: $88kHolding costs: roughly $2500All selling/closing/realtor/staging/misc: $35kSelling Price: $369,000 with no concessionsNet Profit roughly:  $82,556

You want to "control everything, own nothing" so as to be as unattractive a lawsuit target as possible.You want to assure that a lawsuit from one property will not endanger others, or at least not a "large" portfolio of smaller properties.You want emplace a layer of protection between your entity structure and yourself personally.

It doesn't look as thick, no matter how many layers you apply.