If the numbers make sense today, that should dictate your decision.If you are doing a buy and hold strategy, even if the market tanks usually rents don't drop too low and you'll have a 1 year lease anyway with the tenant to help preserve some of your rent income.

Preserve your capital.

The reason to seek out BRRRR deals is to preserve capital for the next project so you aren’t waiting years to scale.

Why spend your money to preserve someone elses’ property?

Do some checking on state laws as you may have to keep apt untouched/preserved for the estate.

If they take advantage of both 121 and 1031 then they will be able to get some tax free cash for their ongoing retirement and still preserve the asset purchased in the 1031 for their heirs. 100% tax free and tax deferred - it doesn't get much better than that.

The last housing crisis threw many rentals a life preserver because people had to rent. 

Fannie/Freddie commonly do some fix up to their reo’s.....from preservation type repairs, new roof, to complete rehabs.

As used herein, "preservation improvements" shall mean improvements made to preserve the property by properly keeping it in repair for its proper and reasonable use, having due regard for the kind and character of the property at the time of sale…My guess would be no, but I'm not sure.

The housing crisis threw landlords, in many markets and asset classes, a life preserver with all the displaced homeowners and lack of financing.