In the scenario I was able to get this property, improve quality, raise rents to something closer to market, and deal with the vacancy (to whatever extent) that ensues, how would you handle the PR of being the new owner who is seen as "pricing out poor people"?

*found this tidbit out today, btw* He previously bought this house with his wife, and then a horrible marriage fiasco ensued. the neighbors still tell stories of their shouting matches in the front yard. 

Oh, and btw, get your wife and family on board and make goals so your all trying to move in the same direction or frustration will ensue!  

At the very least, let your tenant know that the days of you picking up the rent are over, if the rent is not received on time, eviction will ensue in a matter of days.

Cash flow is better than appreciation, who would want to sacrifice, I want cash flow now, I have too many kids, there are better strategies, my situation is different, etc.Ah, the cash flow vs appreciation discussion that will ensue.  

Do-able market, but tough with all the multiple offers when a property becomes available, not to mention the bidding wars that ensues. 

I acknowledge that the Department of Regulatory Services will hold me responsible for the maintenance, management, and any legal actions that may ensue for the above listed rental property.

That works, however as the DRAMA has ensued we have discovered we need to evict her.Because:After a 5:00 am call reporting a flooded basement last week, we spent 12 hours in the home.  

There was no out of pocket or loss to the owner, so litigation ensued, eventually (one year later) the owner lost and had to refund the money we had in escrow.

The ensuing fire destroyed the F250.