Some people have the mentality that the first deal does not need to make money and just needs to be a learning experience. 

@Tony Kohnle  well I was being somewhat factious  I work in the cash flow rust belts so I understand the west coast landlord mentality better than most since I have been funding that stuff for almost 20 years.. there is this mind set that cash flow is nirvana and appreciation is for fools..

But if you are mentally prepared for the grind and have a support system in place to fall back on, I say go for it.

They are forever in my mental book of "Awesome Tenants" for that. 

@Anthony Palmer I think it's great you've identified your biggest fear already - now you know exactly what you need to address to remove your biggest mental obstacle to starting investing! 

They prioritize paying bills and the rent.

Suggest you prioritize your objectives, think through your processes (lead generation, etc.) and delegate to others what your budget permits. 

If they seem as though this is not good enough, let them know that the other options will take longer, require more money and more complications could arise for you and them (depends on the mental state of the "drug dealer").

Their communication thus far, though, has been above average (thus far) - which is one thing that I prioritize

So I'd mentally prepare for that.Is the property in bad shape, or just "meh" shape and you want to fix up up and make it top-of-the-line to force the value up?