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In this video tutorial, the process of assessing a building's foundation begins with noting external stress points and potential drainage issues. Key observations include cracks in the bricks, mortar joints, and seals at the intersection of the brick veneer and windows. Once these observations are made, the next step involves taking elevation readings inside to analyze the foundation's slope. Additionally, the tutorial highlights the importance of identifying any areas that may have been converted from a garage, as this could affect the foundation's structure and inform where to position piers if repair work is necessary.