There is a well 15 feet away and water seeps through making the brick and stone damp which creates mold.It would be expensive to dig up the exterior lawn to fix it from the outside.

They will often be between 50 to 60% when roof, windows, water heaters, heating and air,etc. starts reaching end of life expectancy and has to be repaired to extend shelf life or fully replaced.Many times some brokers do a ( if buyers don't ask then don't tell ) kind of thing to get stuff closed and make their money.

The building does have quest water lines that are all behind drywall except when they connect to fixtures and appliances.It would be expensive to repipe this as a lot of drywall would have to be cut and then repaired.I know it's a risk to wait for a leak to start and then to repair just that section.I'm getting an ok buy price and the seller won't go any lower.  

Has a slate roof, minor water in the basement (no puddles but a spot where there is moisture).

We have a local government entity - Clean Water Services - who reviews what you want to do and signs off that there aren't any issues with wetlands or protected environmental situations (animals?

I would be interested to see what MI and OH notes are doing these days.back in the day the bigger players would not even bid on those notes  :)  I don't play in that sand box other than with commercial banks that call me on one off's.. and its has to be a smoking deal for me to knowingly go into a bad situation up front.. that's why I recommend talking to those that do it for a living have their systems in place etc etc.. in my mind small mom and pop investors take a huge risk trying to play the NPN game .. and would be better off finding nice performing notes.. but that's me.

200 gallons of water per unit per day -> ~100 gallons of water per person per day?

We have since invested the equity from the sale of our primary residence and bought a live in flip on the water that we are very pleased with.

All you have to do is review the submitted applications and choose the best fit.It sounds like you already have a good system in place for background and credit checking, so you probably don't need a property manager just yet. 

They also said " the wealthy use this system".