Also do you have any experience with severe foundation damage, or what that entails if you have a property with that probem?

I believe the morning boy thing he could sue for in your situation would be the difference between your contract price and the new contract price if it sells for less, as those could be considered damages due to you backing out.

I once had a frat group in a house (they used an adult to book) and I took over $20K in damages and had to cancel 2 follow-on bookings as well.

And to also read the paragraph in the contract about canceling and liquidated damages .

You can also expect the buyer to sue you for specific performance (court order to complete the sale) along with any damages like alternative housing, storage of his household goods, additional moving costs, etc.Unless there's something you're not telling us, it sounds like the broker did his job and got you an offer you accepted. 

If you replace it in 5 years, you'll be repairing any damage done on the inside, and you'll be coming out of pocket for all of it...plus interest if the source is a loan. 

The duplex next door burnt down, so because of smoke damage, this duplex was completely gutted and redone.

Considering that we do not have a physical office at the moment, how would one go about obtaining a key deposit, or is it a better idea to not ask for one? 

I have seen some potential properties, however most of them would need some form of repair ranging from installing new flooring to repairing water damage and potentially more.I'm wondering how a recession will impact construction costs?

@Paul Moore too early to tell what stock pricing will do over the next 3-6 months, but what happened is evidence that the word is out about storage being a "save haven" in recessions.I'd like to point out that what happens to revenues at physical locations will vary based on market and competition.