(I am new to BP too- smile)

My assumption (and that's all it should be taken as) is that you as the landlord are responsible for actually removing the water from the basement and furthermore getting the property back into a healthy state or habitability. 

Meanwhile our skeptical 68 yr old family member, now in very poor health, is still working trying to afford retirement & recently took out a large adjustable rate HELOC to live on & maintain an image.

I suggest the next time you have the same type of conversation you simply smile and move on.

@Kai Van LeuvenSerious reply.I heard David Greene talking about how self driving cars will change the value of downtown areas but I don't believe it. sure things will change some but safe healthy urban areas will always be in demand.

Its hard to keep smiling.....

Two of my friends have investments there and they themselves are amazed by how healthy the market has been in couple of years.

Planning to buy and hold and though cash flow is healthy i think it can be further improved by converting to gas heat and submetering it, as oil seems to be the biggest operational expense aside from taxes.

Stay Healthy,Doug

Otherwise, they are only open for him in Illinois for now.It's always good to have a healthy amount of skepticism.RESPA laws are very strict on owner occupied properties and that's one of the reasons Fannie Mae and Freddie Mac exist.