Moral of the story, I just see lots of issues they would have to clean up before considering any real investment talks.

This is an appropriate thread to provide a link to one of the best guides on how to clean up a credit score that I've ever seen (and I've read ALL the books on the subject).

Yes, we're pulling out the assignments that we need to fix the chain of AoMs and clean up the collateral.

The lower layer is not as bad, and may clean up with some more bleach treatments but overall I'm going to have to replace part of the sub floor. 

And if they did attach to the property as liens, the bank owner gets to pay them.If you wanted to buy this at sheriff sale, you might have had some worries - but as REO, the bank that owns this gets to pay to clean up the mess. 

The property management company pays the Resident Manager to vacuum the halls along with general clean up of the property and are the eyes and ears of the property.

To purchase this, I would need to significantly deplete our savings.

A broker will tell them they have to clean up and repair the place.

As a result, some CPAs will charge a clean-up fee when they're preparing your tax return and this will cost you more than paying for a year-round bookkeeper or paying for real estate-focused accounting/tax software (like, Stessa, digb.com, or Quickbooks Online) that auto-categorizes transactions and will allow you or your CPA to export filled Schedule E.

Costly but probably cheaper than your water bill and clean up costs.