@Henry Lazerow hit the nail on the head about the maintenance costs of these lower end properties.

Here is some helpful info from the NYC dept. of housing preservation & development regarding making a legal basement.

Happens every time.I would nail them with everything you can think of.

Once you have the strategy nailed down, you'll want to start coming up with a criteria.

@Anthony Emtman hit the nail on the head.

The seller is probably trying to test the waters in an uneasy market...Just about nailed it! 

@Larry T. hit the nail on the head.  

Hey Jonathan,The short answer is, find the deal and the investors will find you.To answer your last few questions, you hit the nail on the head.

It got so bad at one point I just had to stop fronting them any money and just put them in touch with vendors or property preservation companies that billed them direct and some of them got shafted too.   

Unless there is a nail or something harder than the hardwood floor, the moving of furniture is more likely to leave a mark than cause damage.I'm sitting on a wooden chair on a hardwood floor as I type this.