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Dave,

I'm sure that you also understand that in terms of renovations, if the cost of renovations equals 50% of the current value of the property, than all existing grandfather clauses are gone and all new codes must be in conformance. So when you start to find unexpected issues, that cost puts you closer and closer into having to be in compliance with many new and very expensive codes.

There is no cost savings in rehab, its money wasted.