Another scenario could be that once the investor has the deed and I've been able to do proper due diligence on the property (value, title search, etc), I would consider lending against the property including renovation funding (per my terms).   

And you have a vacant unit to do the "proper" plumbing repair.If you offer them a rent concession, my money is on them going back to that well each time there is a problem, asking for yet another abatement. 

Is it functioning properly?

A failing I see in BP participants, which cannot be corrected is proper due diligence.

Proper due diligence will reduce your risk, but it won’t eliminate it entirely.Personally, I like value-add opportunities because they build in equity from the start.

You may be able to do one contract, however, we have run into issues with having to show a proper management contract for utilities or subsidies that we needed one that just had the one LLC on it. 

I would think that if the mortgage was recorded properly, it will simply be paid off.This is a question that you probably should have asked of the title company / lawyer before going under contract. 

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

I would make sure that crawl space is vented proper, may need a small commercial grade fan not sure .

You do not state what is actually "breaking" with your systems, but AC's generally last longer than many other appliances when they are properly and regularly serviced.