Quote from @Jason Taken: did you actually have a secured lien?

It'll give you so much clout.When you are seen as a player and someone who closes on deals, that's when the calls come.

While I secured the initial financing for the property, I have two other partners/groupings (a total of 6 people) that are contributing to the closing. 

My inherited tenants ALL SMOKE and none had security deposits. 

But if do a BRRRR from far away that's risky too, without a really good and trustworthy team in place and lots of checks and balances (security cameras, someone local to check on your property) and the ARV and refinance aspect can be challenging.  

If you love your job, make good money from your job, have very little time, and have cash want to park into a secure real estate asset, turnkey is the way to go.If you are opposite of that and want to dive into real estate investing operations, then fixed upper and BRRR.

The security deposit should never be used for anything during the lease.

You want to make sure that asset is secure.

Are you priced fairly and have a low security deposit?

Not sure what the interior will look like, but hopefully you have photos of prior to occupancy, so that you will be able to claim against their security deposit, and a judgement for past due rents and any damages