I don't know about ghetto properties but a few weeks ago I had the weirdest dream.In my dream I am the landlord of a class E multi-family property, the worst, the most drama, every tenant is on long term leases, every tenant is guaranteed to have a criminal record, and they don't pay rent and you can't charge them late fees...I was the warden in a prison.

If it is more than $40K the worst case scenario may not be so bad.

If you rented out your unit without one, and god forbid someone got injured or worst in a fire, you'd most likely be held liable.

This isn't my preference but if the worst thing happened, Or series of "worst things" happen, I know I can ride it out.

Right now I think the lowest a 2bd might be is 2k a month and that would be in the worst area in town.

Doing my own due diligence it appears that that zip is not the greatest but also not the worst either in regards to crime, etc.  

I can't imagine that anybody who was buying property in one of the hardest hit cities, in one of the worst markets in my memory, would be considered a motivated seller.

It is a 500 sqft condo, the capex is going to be reasonable perhaps or even worst case average, cash on hand/ credit cardable.

It sounds like that one was the worst, which would probably be the one I would try to sell first.Would any of the tenants be potential buyers? 

We are only talking about a $450 security deposit and $1000 worth of back rent so I don't see any value in bringing in a lawyer, at worst case I'm hoping this may only be a $450 lesson and just glad it didn't happen on any of my other units.