My approach is when there is that much unreliable information, I either call it a day and walk since I have no idea what comes next or I negotiate to a super deal so that whatever I haven't been told can be taken care of.  

However, we’ve had great success with a straightforward approach: 'talk to the lawyer.'

I’m seeking guidance on how best to approach this situation and would appreciate your thoughts on what you would do if you were in my shoes.Here are the details: My current home loan is $242,000, and the property is estimated to be worth approximately $420,000 (± $5,000).

Hey Vic I am from CT and I had same issue with one of my tenants some time ago , he want's to save money any way possible so he was keeping his temps really low , I explain on few occasions to him that pipes are going to freeze and all that but he wouldn't listen , so I approach that problem from different angle , since I never had a problem with that tenant before and he was a good guy , always paid on time etc. , I didn't want it to loose that tenant so simply i helped him to get " energy assistance" this is a program to help people out if they can't afford heating bills , I don't know if it is in your state so you my want to check this out.

I’d consider saving for the next few months until you’ve got 2-3 months left on your lease so you have a healthy reserve fund no matter what you decide.

Figure rates are significantly higher doing this instead of the more straight forward approach.  

Would you be willing to share how this approach has worked for you?

Use a property manager for out-of-state properties or if you prefer a hands-off approach.

That's a residents approach, not an investors. 

You want to add value and reduce expenses.Also, it is wise to have a healthy liquid reserve available when buying commercial real estate.I would call commercial real estate brokers and find one with a teacher's heart.