I have been getting many phone calls lately from purchasers saying residential is drying up.

Short contracts leave these out, leaving you high and dry when problems crop up.This appears to be a NJ standard document:New Jersey Real Estate Contract

My research on Drylock indicates the walls must be dry and on unpainted masonry. 

The methods they teach are cut and dry and you can learn for free here at BP.

Hopefully you can save that dry powder for when valuations come back in line!

The door has a 6" gap at the top to help it dry out, but I find that just isn't enough.

I was planning to buy my first MF property in southeast Michigan this year, but I'm noticing a dried up market and very low inventory.I'm of the impression we may be approaching a peak and downturn shortly after. 

That signals to me that the fundamental value add deals are drying up and investors are trying to squeeze everything they can out of the assets before dumping them and sitting on cash until a correction comes about.Lastly, I think my view is skewed since I started paying attention to the market during the recession.

California, especially Pasadena will suck your wallet dry.  

For a while, the insulation on individual wires was rubber, which tends to dry out and come off over the decades.