I love where you mind is at and how organized your post/plan is.

Quality wise you will get what you pay for.

You’ll probably pay a higher sales price and a higher interest rate as well. 

Today is very different as it is all about the management (and not appreciation) compared to past where management could suck but you still had superior apprecation.This will not crash housing of course but all those "creative" deals where people are paying more than market value are going to realize they have no exit. 

But real estate will pay you money today and real estate will pay you even MORE money tomorrow. 

All that said, and to answer your question, I think a guaranteed check for 66% of the rent offers some peace of mind and limits potential loss. 

I acquired a 3-flat in Humboldt a couple months ago who had two units not paying (ouch).

Then I pay those loans off asap and repeat.

That will pay off the remaining $360 mortgage and reimburse your rehab and closing costs.

Keep in mind this is 2018-2019 prices.