Apparently the vacant lot next door used to be a Martinizing dry cleaners and the chemicals had penetrated the soil.

I'm hoping that the opportunities aren't completely dried up here though I'm not against looking at other markets.

(Not sure if drying affects the answer.). 

@Jason Sterlingwhen you purchase a rehab foreclosure be sure you place a lot of back into the property ie...money for what you missed/elect ,plumbing, gas piping, AC repairswhat happened on mine was that there was no title- the county had to make a new title for the property it had been sold so many times in the previous refi process, that is how it went to auctionas long as the arv is suitable for the area and you can get it for a deal then it would be a good buy if the rents are not going to make it work then flip it for a small profitget another set of eyes on the property to help you analyze the property maybe look at a cut sheet from one of the forms on BP what your looking for and what is a tear out or a repair-ie most sheetrock damage is a repair unless water damaged then it is a tear out, flooring if it squeaks you can fix that with a nice box of screws, if it has dry rot then it is tear outnetwork with someone in your area maybe a GC to do a walk throughenjoy

If your going to start a fund, your going to need a SEC attorney to draft all your documents, your talking upwards of $30,000.00, but if your lucky and can keep it cut and dry without burning hours talking Q&A with the attornies, you can sometimes manage to get it done for 10k.

Larger income VS. neighboring rentals due to washer and dry connection and install during renovation.

I actually had them come in and save the day on one of my deals that was blowing up when the buyers funds went dry less than a week before closing! 

I do not use tape, I slam the mud in there like plaster, all the way into the lath, which takes a week to dry out.

You should be fine if you tear out all of the dry wall.

The past 6 months have been dry.