Obviously not as quick and dry as we would hope.

i would paint the surface with any membrane like the one use in bathroom to prevent any of the pop corn falling off , then i would dry wall the whole area, good luck 

One or more professional inspectors should look for defects or malfunctions in the building’s structure, such as the roof, plumbing, or foundation, and detect pest infestations or dry rot and similar damage.

I think by saying MAY BE INTERESTED covers that...There are lots of shady wholesalers who don't know what they're doing and leave a lot of sellers out to dry, but the ones who have integrity and are honest are helping lots of motivated sellers move their homes and are getting them the money they need. 

I was close to on schedule until the lending dried up.

Now home price appreciation has slowed dramatically in many of the flipping meccas and the availability of discounted properties has dried up." 

Then things dried up last year.

Those items will drain your cash flow dry in a hurry.If the seller could show you a gut up reno with everything new that's different but I doubt it at the price you are buying at.

In my experience, when owners are delinquent and the cash flow to a condo dries up, there is a slow death cycle.

Did you do anything other than write your name on a few pieces of paper and receive a set of keys to a safe, warm dry place to live?