@Jay Hinrichs While I appreciate your extreme concern for the seller, I am in a solid financial position and could write a check if needed. 

My only concern is that accepting payments for good and/or services is against Venmo's terms of service. 

My main concern is my tenants are basically professional system abusers and I wouldn't be surprised if when the constable shows up, they magically have a check with the outstanding rent owed. 

Yikes...I'm concerned about several things:What is the market rent there? 

Short term and even with a $300 per month utility expense, we would still be cash flowing ~$300 per month, so it's not a huge concern, but as this is a dynamic expense, we would be looking to transfer utility expenses back to the tenants. 

My concern with that is, if I wanted to sell the property in about 3 years (which was my exit plan) and things like asbestos removal were not done properly, it could really come back to bite me.

I am concerned about the market saturation since there seems to be a lot of these available or being built. 

Here it the real number you need to be concerned with.

Me personally, it really is not a concern of mine if the market goes up or down because we buy properties for the long term that generally have value add and cash flow.

If your main concern is the credit hit I would not worry about it too much as it takes 3-4 months at most to recover.