Sell and take risk off the table as soon as you reach the hurdle - done. 

I had hoped to spend $20k but underestimated some of the costs and also splurged on some of the rehab (I installed a new high efficiency central furnace, on-demand water heater, all new appliances, etc)Rental Details:I posted the property on craigslist for $2,490 and had one open-houseFound great tenants who signed for a year lease at $2,490.

I am just treading water now with that Multiplex.

Once we hit the basement we saw foundation wall cracking as well as standing water from a recent rain and evidence of water seepage over many years.I did go to a very well-respected and well-known local Foundation specialists rather than an engineer simply because I knew one and I had less than 12 hours to make a decision on the property. 

This includes operating your heating and air-conditioning system as appropriate to reduce humidity, using appropriate ventilation, limiting evaporation of water, promptly removing any visible mold, and immediately reporting to us any leaks or other water intrusion into your apartment or any visible mold that you cannot remove.

After I left I was told there was a crazy argument - smashed glass tables, a damaged vehicle and worse.

I guess I will always be one of those old timers that has learned to find water with a stick and never be one of those really technical guys although of course I can see the value of being technical.

I purchased a rental property a few months ago and in the process of rehabbing it and getting inspections passed, we obviously had to turn the water on.  2 months later the water company sent me a water bill for $400. 

However we  don't see pics of the kitchen or the extent of water damage. 

RE losses are there to make you hold ground and tread water tax wise and limit your income tax liability *from the RE business*, so you eventually pay capital gains (long term) at sale or even better, 1031 into something else without paying any capital gains then.