You decision should be made based on your goals and the relative market suitability for those goals.

We've been discussing options and possibilities and we decided the Pensacola area, maybe Gulf Breeze, would be a suitable settle down spot for us.

Sell your property contingent on finding a suitable replacement. 

Seller is not aware of all of the property's defects, and advises buyer to obtain, and rely upon, professional inspections to determine the property's condition and suitability."

I just came across your post.I represent buyers and sellers primarily but not exclusivelyin the five NYC boroughs and surrounding areas,concentrating on off-market properties suitable forinvestors: multi-family, mixed use, commercial, development.When you are looking for your next investment, contactme with the type, location and price range you are looking for.Meier (Mack) Frankel

It's very thorough and I think many of the sample policies that they have in each area will be suitable for many property management companies. 

I couldn't find a suitable photo to put in my profile, and will see if I can find one to add later.  

I most likely wouldn't do this deal because for the potential risk you are taking on you could find other deals more suitable, especially if you buying off the MLS. 

Property that is in disrepair may not be suitable for all conventional lenders or they may not have a loan program which allows them to use that property as collateral.  

Stay with flipping till you get a more suitable building and location.