Recently purchased REO foreclosure.* Bank foreclosed in August '11 and there was a cracked pipe at the sump which was fixed prior to December '11.* I bought the house officially June 31.* Mold throughout.* Shoddy remodel going on when it was foreclosed on.
I decided that whoever put the drywall up (75% of the house was newly drywalled, but not yet mudded) had no clue how to hang drywall, or what a "code" was.* As I was taking down the drywall (1. mold; 2. not fixable workmanship...better to tear it down to studs and redo), I began to get a sense of someone not exactly know what he was doing.* Major code violations with the electrical work (open junction boxes hidden in the walls; exposed wires hidden in walls (separated 180 degrees from each other, but still), original armored cable left in place and new wiring run (poorly in some areas, pretty good looking in others), etc.).* I noticed it and all I've done is read a book about it.*
The floor is sound, but I will have to put in a floor jack pole to bolster the manufactured wood support beam that was put in place of a removed load bearing wall (center is 2" lower than either end).* Other than that, the structure seems fairly sound.* It will need a new roof in a year or 3 (obviously hoping for the 3-year length).* It also will be getting a new septic system (tank and all).* Other than the septic system, I'm planning on doing all the work myself.* I will be running water supply, gas supply, ducting, electrical, phone, cable, and data throughout the entire house (all plumbing and gas fixtures are on the first floor, so I can do the vast majority of work in the basement), and insulating it (the second floor had a mixture of new and old insulation; the old insulation was worthless and crumbled in hand very easily and there was mold present; the new insulation was not installed in such a way that there was adequate air flow through the attic, leading to mold underneath the roof sheathing, and on top of the insulation; the first floor had no insulation).* I won't be replacing the siding yet, and the garage roof will be a Spring project.
I will add initial pictures and then more when I'm done tearing out, leading up to the finished pics.