There are foundation issues, minor termite damage, slanted walls and floors, and electrical issues to name a few.

Concerns: I did not personally vet the current tenants and I worry the dog and smoking might damage the units (so far, the units look fine on the inside).

Yes, you can sue for specific performance or for damages if your sales price ends up lower than the current contract price. 

.- Put a new lease agreement with new damage deposit, new rate plus utilities, and conditions or- Evict  for full building Reno. 

My criterias are the following:*A home that I can get for 20 to 30% under market value that may have cosmetic damage and slight repairs that a one-man contractor can take care of within a month, *neighborhood C+ or B-* last price range of 100000 to 250,000 -THANKS IN ADVANCE

********************************************************Update after work start: (ADDITIONAL ISSUES from PM)Vendor was out yesterday and today, and they started to dig and clear out and found there is more damage in the line then they had previously found.

A lot of properties (especially condos and in the price range I was looking at) had at least some "wood eating insects" damage.

Perhaps I need to map out where duct work would go and see how much additional damage it would cause. 

@Joe M.The education from BP and most other reputable sources always taught to keep reserves.  

The total amount of damage will be a product of how long things are shut down, and that I can't know.