This is actually a 3 year goal- I purchased two last year and am pretty dry right now unfortunately.

- Cover with thin dry wall?

If the basement is in good shape, clean, dry, then everything else can be fixed or upgraded if needed.

Need to find a good handyman for a quick repair to the dry wall.

I wash the sheets and air dry them at our own home.

Some beginners come here with some real hair brained conceptions they "heard from some guru type".  

When I looked for professional advisers in medicine, law, finance and taxation I always looked for some grey hair, those folks need to have been in their area of expertise for at least 20 years and successful at what they do.

I am fine replacing the system, but the problem is, the neighbor's dry well is close enough to the septic tank, that the county requires it's removal. 

Otherwise the downpayment requirements for properties at full market value will suck you dry of cash...or make it impossible to buy.Hope this helps some. 

Knowing this subject will be very useful to you when the financing market goes through its dry periods or ridiculous rates periods.