This tends to lead to mold, rotting floor joists/sill plates, and other moisture based damages and problems.

If so, your property coverage is limited to these causes of loss: FireLightningWindstorm or Hail (USLI often limits this coverage to a submitted amount on the policy, not policy limit)ExplosionSmokeVandalismAircraft or Vehicle CollisionRiot or Civil CommotionSinkhole CollapseVolcanic ActivityIf nothing else, be aware of the following, but I would recommend getting a more broad coverage from a competing insurance company for no additional charge that would include policy limits for the above windstorm or hail, and the following causes of loss: Burglary/Break-in damageFalling Objects (like tree limbs)Weight of Ice and SnowFreezing of Plumbing*Accidental Water Damage (think of a leaky roof that is causing water damage into your property leading rotting wood and or mold)Artificially Generated ElectricityMy Best,Ryan Leavitt

Go get that steal of a deal on that 65 year old shack that some poor slob might rent to stay dry. 

Is it issues with rot, pest damage, fire damage, or foundation issues.

I'm also keeping dry powder so when the market makes a turn I would have a clue on what to do... haha.

California, especially Pasadena will suck your wallet dry.  

Just keep your eyes on the prize and learn as much as you can as you go, take your calculated risks when you're ready, and it'll just become white noise that you can brush over. tl;dr : I hear you man.

I do expect things may dry up at my bank. 

I know the feeling when you see the ink on the first deal gets dry.

For a while, the insulation on individual wires was rubber, which tends to dry out and come off over the decades.