I am looking for advise on how you would recommend eating this elephant.

For me, I'd rather go the drama-free route and eat a month of rent, fix/upgrade/clean the unit, and get it marketed ASAP with tighter screening requirements.

Those alone will eat up ~30% of your rent each month.

Would be difficult to sell in the future and even if I didn't replace, the insurance premium would eat into my cash flow.

His time has been factored in to the price the burger is being offered for sale for, and as such his wages are a cost to the seller, and have no value to the buyer......but the burger does until it is eaten, at which time in becomes a cost to the owner, who could have saved 45 minutes by flushing it instead of eating it. 

I eat sleep and breathe real estate.

Large Eat in kitchen with an island.

I agree with the others about biting off more than you can chew... but there's another popular saying that could apply: "how do you eat a whole elephant?

LOL, better stop eating out too.

The setup cost and annual registration fees of an LLC will eat into your profits and are overkill for just a single rental.