Dry rot in one rafter, clear signs of leaking, water damage on ceiling of a unit.

So if your payment is $400/mo (plus the rent) you should be able to rent, or sell on payments, all day long.Plus a mobile will have 4 walls, floor, ceiling, yard for the kids, private parking, etc.

Have you replaced the insulation in the ceiling with more dense sound deadening material??

The water created a hole in the drywall in one spot of the ceiling no more than 10 inches at the largest point.

if I'm cleared to do the basement I will have to do some changes to the plumbing just to minimize loss of ceiling height  in the basement it's 7'6'' 

Good suggestion - I enjoyed the episode that I chose at random@Mike Fletcher I've got a price ceiling of 20k

I don't know yet, I will keep BP posted once I buy my 3rd property.I came from Hanoi, Vietnam who being tenant for most of my life there, the room size was as big as a king size bed here, friend not allow, get home before 10PM (gate closes) if not I am on my own rule drove me nut & especially rat running on the ceiling as soon as people turn off the light, one night they bite through the ceiling & fall down to the floor, I woke up because of that noise, at the moment I told myself, if I ever become a landlord, I will be a cool one, my tenant will never have to wake up because of rat.Many years later I did become a landlord in US provide short term rental for my guests & I am proud of myself.

Sometimes, this happens when you have a wall (especially one that's also holding up the ceilings, roof, etc.) with nothing under it - or with something inadequate like a doubled-up floor joist.

I am not an expert.After thinking over it a day, the least that it should get in rehab is:HVAC installationNew flooring on main floorOpen up and update kitchenPaintMake the basement a livable space (floors, paint, ceiling)Tonight I am going to run numbers and see if this is still viable.

Make sure they don't take  the ceiling fans and light fixtures. lol.