If this mystery person bought an SFR in Los Angeles in 2009 I'm sure they've made more than 200% if you look at their down payment and juxtapose that with the increase in equity.

Solid credit, solid financial, solid business plan.... mysterious blocks to underwriting.Private B2B loan underwriting is a cresting wave. 

I'd ask in an email just to verify since you're the new landlord.They'll either say they own them at which point they can own the repairs...or it'll be crystal clear that you own them in case they mysteriously disappear at move out.In terms of repairs/vs replace....I'd replace.

if the defendant said it was out of his control the judge sent him to prison for contempt, until he was mysteriously able to gain control.

My agent told me that the property had a murder/suicide within the past year.

Did you know that the murder rate in Cancun is lower than that in NYC or LA and that the murder rate for visitors is extremely low (hence the tourism has been growing by leaps and bounds over there).

In my experience if you let people get away with murder they will.

Tenants get away with murder because that is what the courts want, get over it. 

I like Matthews ideas above, and you may have to limit your scale and take some of the mystery out of it, like with simple buy and holds that pencil out well..

@John Arendsen  no mystery to CF on the debt side they are just HML  and if you equate it to CA lending rules were your allowed to fractionlize DT's they are basically doing the same thing pooling investors into a debt instrument. . they get rewarded with the points and servicing fee's.