Otherwise the vanity particle board will swell and rot from the leak.2.

The real tricky part it's clear that lending from traditional banks is drying up. 

When the contractor started to tie into the existing house he found the foundation was crumbling and the studs were rotting in some parts of the house.

Also, is this a C/D class property, where the tenant will be ok with the inconvenience of using coins for washing and drying clothes?

Requirements, 10 x 20 bunker, "solid" door, water and humidity dry, temperature moderate or controlled.   

Lots of free money from relief programs have dried up and the rise in wages has been about half the rate of inflation (of which housing is a key metric of). 

As far my plans, patience and dry powder. 

I enjoy the much more passive income from syndications as a great place to put cash when deals seem dry everywhere else. 

Conditions:  Broken/cracked driveways or sidewalks, overhanging trees, stairs without railings, pealing roof shingles, rotted wood on trim, etc. all can be issues in an Insurance company inspection

Then after equity is dry, get back to creative financing.