If for a example there were unpaid taxes, unreleased liens against the property or problems with the legal description of title, this will ensure protection for any claims or legal fees that arise should you run into these problems.

MLS/Realtor.com description?

If they don't charge points then the Hard Money Lender will get paid in other ways - usually in loan fees of various descriptions and and interest rates.

DISASTER AND NASTY would be good descriptions.

As for your dilemma, based upon your description of the property I would not buy it as a rental.

Like Phoenix, it perfectly fits your description of "a market where you're having a hard time finding properties to buy and hold that cash flow."

@Jill Clark By your description you are terminating a month to month lease, not evicting the tenant whose unit you plan to occupy. 

Dion that was an excellent description. 

Because I've been managing the property for awhile, we have a good bead on maintenance descriptions and costs.

also the work order invoices can be looked up (very annoyingly) on their "Web Portal" and after i have done all that, the description is "repairs." no other information can be found about the work order.