There should still be adequate equity there to draw on but not as much as I had originally thought

Performing adequate due diligence is paramount in commercial REI in order to determine true expenses (or accurate estimates) and to be able to adjust the asking price for deferred maintenance issues, etc. 

It's common but you do want to make sure you have adequate liability limits.

No one will be able to adequately answer this question for you except yourself.  

Here is the specific excerpt from my rental application I wish to post in my ad - Adequate Incomea.We’re looking for applicants that have a “Fully Exposed Income” that is 2.75 times the monthly rents for this property.

The landlord also owes to the tenant, adequate protection against personal property theft, so the LL or agent would also have to attend, no "here's the keys, go take a look" allowed.Similar notice has to be given if the property is for sale.If the LL failed to provide a copy of the signed lease, they may be in a little trouble.

I tend to save a lot of money, so I would keep adequate reserves.

It doesn't adequately guide the tenant in what you need them to do at this juncture.

The functionality of the Services might not be technically adequate to support legally binding contracts."

if you can get long term fixed debt at todays rates for the next 15 years (I would never finance longer than that) even if the market tanks you will be fine as long as you cash flow with an adequate buffer, but you have no exit strategy if you need to get out, other than foreclosure. thats why I find it so important to have adequate equity up front, it is a hedge in the even you for some reason need to sell.