Regardless of one's physical presence, if they just up and leave, you can file for eviction.

Some people like to "root" and create a significant presence in the home, decorating, etc.

One thing to try is to find a local bank with a presence in the community where the property is located and ask about a portfolio loan. 

What we have seen so far in our short time here is that even though you have a large college presence it is still a very warm and welcoming community, with plenty of family events through out the year.

So needless to say, after returning to the property after the next rainstorms there was a large presence of water in the basement and it definitely is a major problem.

If your deal is smaller, you might want to check out some local banks that have a presence in the area that you are buying in.

I think the pros and cons would be better weighed against a regular cash out refi composed to a renovation loan though. 

I believe every rental building is composed of both components.

I actually showed up to the house everyday and made my presence known.

Meaning, when you are going to a store/agent/developer etc... you need to see if they have a presence (or reputation) if they don't, 100% of the time they will walk away.