What Have We Gotten Ourselves Into?

I guess a little bit of background info would be nice.  A few years ago, after The Boy was born, it became very apparent that the starter home we bought before getting married was just too small.  My parents were selling a rental property and offered us a great deal. We knew that we'd want to make a few cosmetic changes before moving, but we were unaware of the scope of the project.  We thought we'd do some mud work, paint some walls and maybe replace some light fixtures.  The renters had been in the house for ten years; it had been a while since either of my parents had been inside.  It turns out my parents were slumlords!

In all fairness some of the issues were from when the renters decided to do a little remodeling, and they never mentioned any of the other damage.  Renters - tell your landlord when something needs to be fixed!  I guess they were trying not to rock the boat; in the ten years they lived in the house the rent was never increased.