Add in some tenant damages, or lengthy evictions and you are  farther in the red.

This is where tortuous conduct arises, causing a loss for another party and where the seller sues the buyer for damages (and don't forget the damages to the seller's credit standing which can be very expensive.)Now, the remedy:You will need to obtain the seller's consent to assign your obligation to pay!

I have a long background in residential construction, but have major damage to my credit from the 08 crash in Michigan. 

. + a hammer + gloves + eye protectionand construction grade garbage bagsyour multitool is useful if you cut trough the grout and backerboard to break it into smaller chunks, (preferred method of tile pro's) but YOU HAVE TO KNOW WHAT IS INSIDE THE WALLS so you don't cut a pipe/drain/electric.you put the tool/chisel at 30 or 45 degree by the edge of the tile and after 2-6 hits it should come offafter the first 10-20-30 you will get in a rhythmcheck the lower edge of the backerboard for water damage. if yes, replace, they come standard in 3ft by 5ft sheetsdo you want to replace the bathtub or just refinish (everything is in the prep work)?

Experience has taught me it can be costly when roommates squabble - - Unlawful Detainer + damages > $8kNever again!

The first thing you do as a contractor whence finishing your initial scope of work is include the clause:"We reserve the right to demand additional compensation for any/all damages and/or repairs needed that were not visible during the initial scope but are discovered during the course of this project.

There is no water damage seen, as a result of a leaking roof.

Did the tenants with all of their children damage the unit in any way other than normal wear and tear?

From the main lvl to the basement is 8 stairs to get into the basement... the basement is flooded to the 6th stair going up and a tire is floating on the water.So, pretty much I had a contractor come by and he loves the look of the place but when he went in and seen what I seen... he said with the mold, the replacing of the back end of the roof, the no knowledge time of the water sitting in the basement due to the sump pumps and wall damage plus the kitchen needing to be gutted out plus all sorts of stuff... maybe 70,000 in repairs but that's not including whats going on in the basement.

However, tenant damage/capital expenses/one extra month vacancy could wipe that out quickly, and even without unexpected expenses, you're still paying to keep the property.Whether you bail or keep it is up to you.