Other than that, there may or may not be a water main, sewer hookup, or electric at the site. 

So far, I've installed vertical blinds for the sliding glass doors, covered the lanai with mesh and added a whole-house water conditioner, which also includes the reverse osmosis system for the drinking water.What was the outcome?

There is also the exit when you sell the property if it's in a heavy student area you are may limit your selling pool to other investors.  

Limited resale pool, and most "cash buyers" actually use hard/private money and they typically don't want to lend in 55+ communities. 

The water heater, appliances, hvac systems have all been ripped out.

This is not only to make sure that people are taking care of the property, but this is also to make sure that tenants aren't overlooking issues that could be addressed now that cost way more later.These can be minor roof leaks, gutter leaks, mostly to do with water penetration.

Is this really going to get us dead in the water?

Quote from @Bryan Waters: Hi Sean.

I’m worried this was the wrong move, as the waters now seem muddy with a second payment pending in Cozy, our bank floating the withdrawn money, and Cozy I assume being charged for that reversal from our bank; especially in relation to eviction.

I would prefer the risk of a renovation to upgrade a building as opposed to location risk with a high risk tenant pool.