Also, we have repeatedly asked for a mold assessment to be done on the basement but that was largely ignored. 5 weeks after the flood the LL came by to spray the walls with bleach but that is it.Now, the work has finally been finished but the basement is a disaster.

I suggest trying the BP Rental Property calculator to get a better assessment, but it looks like a thin deal to me and I would likely pass.Rent control will prohibit you from getting to market rents unless you turn over the tenants.

I am still learning the city but since I do not live there, progress is slow.

I would also prefer a place on the path of progress.

AmirAs a structural engineer I would recommend that your first step is to contact a reputable investor friendly structural engineer to assess the damage and provide some preliminary repair options. 

The caller did not say that I sucked at answering the call, that was my own assessment. 

So just be sure you weigh that risk in to your assessment. 

I wanted to buy more properties but thought that in general for the properties that I was interested in the prices were higher than I would like.There was one white elephant that is assessed for $1,000,000 and was sold for $60,000. 

Without action there is no progress. 

I am mainly concerned about building my skills at assessing the cost of rehabs.