Running a detailed cost analysis for both options will help clarify which aligns better with your goals.

If your leasing application process is thorough and well thought out, and if your lease agreement has been well drafted by your local attorney and if it includes clauses that permit you/your property manager enough latitude to maneuver and anticipate undesirable tenant behaviors, both actions and inactions, and you have operational processes which align with enforcement of your lease, then you've done all you can do to reduce this inherent risk of an undesirable tenant.  

@Adam OrtizI align with Tim on this one.

What's left after all that is your cash flow.Collecting cash flow to spend is an amateur play.

In the long run, the rescue artist makes off with the remaining equity that was still left in the home.11. https://www.patrickburnslaw.com/articles/defining-predatory-lending-and-equity-stripping-in-minnesota/Defining Predatory Lending and Equity Stripping in Minnesota12.

Definitely helpful.I got a lawyer who did overcharge me a bit but the tenant left the property spot clean.

This clarity upfront helps set aligned expectations and creates a smooth start to the renovation process.

Someone left early and asked for a refund; should I give it to them?

Needs all new cabintry, windows, doors, roof (has some life left), fixtures, fencing, some electrical and plumbing changes, and some framing/drywall due to termite damaged sill plate in areas.

Well, last night he must've gone over (without telling me) grabbed his tools and left.