I think it's a good idea to take caution and keep cash reserve for rainy day (also gun powder dry to get cheap property in down turn). if your portfolio is sfh then you going to have a bit harder time.

It also doesn't have to take days... they sell quick dry mud and could be finished up in a day if it is a limited area. 

I'll PM you for specifics on location (I'm paranoid, I suppose).Few more details on the units:101Month-to-month lease (MTM) $850 + $200 RUBS2 bed/ 1.25 bathWash/dry access in laundry room next to unit shared by 102879 SF102MTM $850 + $200 RUBS2 bed/ 1 bathWash/dry access in laundry room next to unit shared by 101792 SF201MTM, $1450 + $375 RUBS3 bed/ 2 bathWash and dryer in unit1,548 SF202Lease ends 9/30/19, $900 + $270 RUBS2 bed/ .75 bathWash and dry in unit653 SF

I could pay $20k to dry one out, or I can save $20k and be like every other place.

As you probably already know, entity protection is not really a cut and dry standard, it's a cross reference between the value of the asset, the risk or liability the asset possesses. 

My house is not 100 years old and has wood siding on it.I replaced a couple of pieces from dry rot 6 months ago and now I have a couple more pieces.

Be proactive now to make sure all the water soaked areas are dried out. 

Then dry the cloths in the drier.

That doesn't mean you can't find a deal - it might have more hair on it.

With flooded homes do I need permits, inspections, etc or would just replacing the damaged dry wall, and flooring (fixing the damages) work?