Not sure where property is located; but if you go ductless you may have to consider separate humidity control.Once I supplemented my ductless system with a separate dehumidifier system, it actually helped with a drying cooling and brought down the load on the ductless system.  

That being said, if it dries up completely, I think we have a host of other issues to worry about.

I wouldn't want a judge deciding what repairs are necessary or not.Unfortunately, the issues posted by the op are not so cut-and-dry and require soft gloves. 

If there is nothing else in your buying area, then the decision is less cut and dry. 

And by putting a revolving LOC on the free and clear property the investor keeps their powder dry in case the next perfect property comes along.

All the low end stuff has pretty much dried up as there is almost never anything in the sub 100k price point any more. 

I know that in my area I can do this but it is not as cut and dry.

If you're green you grow and if you're ripe, you rot. 

I feel like I got hammered in the past three years but now I'm rethinking, considering getting a second opinion, perhaps file a revised 1040.Here is an example:In two separate units I had the same problem: rotting bathroom floor and some sub-structure.

I grew up not far from there and when the paper mills closed the money all dried up.