Without knowing anything else about this tenant, I think you need to prioritize the numbers first and communicate that up front to the tenant.  

Hello Everyone,I'm Anton, a recently retired public safety employee in the northern Virginia area and I would like to learn more about Out of state, Buy and hold investing.

I todl the owner I know there are issues and he doesn't have to fix them, but I want to make sure there aren't any big safety issues. 

Prioritize and get good at one thing before moving on to different niches.

With proper and advanced planning you certainly can structure an Exchange so that you have the replacement property lined up and ready to be purchased prior to closing on your sale.Another option, if you do not want to actively manage property or you want a "safety net", would be to identify a DST (Delaware Statuary Trust).

That gives me at least a 300% margin of safety.   

That's my safety line. 

If you encounter a Category vacant home you still must complete the required repairs.Vacant Building Sale Review Program https://www.stpaul.gov/departments/safety-inspecti...The City of Saint Paul requires a review of the sale of all vacant buildings.

David Campbell , u can refi and pullout most of ur equity but still leave some as a safety net.

If it is a list of houses going into foreclosure, you might prioritize the houses where the owner has the greatest % equity first.