who has that much time and risk tolerance to see if that stuff will come back one day? 

You need to know your lender, what their risk tolerance is and what terms it will take to get them in the deal.  

This really depends on you and your preferences and risk tolerances.

Just a matter of how risk tolerant someone is to know what’s best for them.

Here are a few points to help make an informed decision:Risk tolerance: Real estate investing involves more risk than leaving money in an IRA.

If your reserves are proportionate to your risk tolerance you can sleep like a baby.

Nothing good except encouraging such people to find a gun tolerant landlord who won't terminate their lease instead of renting from me who will if I discover it.

This all comes down to the individuals risk tolerance and approach to investing.

Estimation of work needed (or not needed) really depends having someone review the conditions and your personal risk tolerance.

My NOI/door/month was more like $500+ but then it wasn't a c/d property with $600 rents either.Get a Landlords insurance policy with Full Replacement coverage AND Lost Rents.When I was shopping, I demanded cash-flow day-1 and calculated the break-even point (how many vacancies could I tolerate and still pay the expenses; ended up being two )Personally, I used a Three Month lease reverting to M2M giving the tenant some security and still allowing me to use a Notice of Non-Renewal instead of the Eviction process.