Ugh, I hate water issues.Anyway, resident understands that the fix isn't immediate and asked if he could get a reduced rent for his subpar living conditions (collecting the water at the two windows, cleaning it up, keeping belonging away from the windows, etc.).

If you are trying to buy a rental, that is in need of repairs, then you should again look at a hard money loan to reduce your cash out of pocket, then after the repairs are complete, refinance into a conventional loan (but the loan will most likely be in your personal name!)

I called the energy company, they treated it as an emergency, and I met them at the place immediately.

That reduces your tenant pool a lot and can make hard to find good tenants. 

Lender regulations certainly come into play, but even for non-levered syndicates it is desirable to have a max in your mini-max to reduce concentration risk. 

I have not accepted cash for more than a decade, reduces the chance of being a victim of armed robbery or counterfeit bills.

One thing I have not really seen touched on is how to best handle BRRRR when there is any significant amount of time left on a tenant lease.Any experience or insight on how to best purchase or manage deals with pre-existing leases in place to reduce time it takes to get to re-fi?

(My initial thought is take the reduced risk and go cheaper on our first one knowing we can always buy more expensive next time, but I also don't want to pass up “great” deals if they exist.

Then, when you file your taxes you can include depreciation on the property as an expense to further reduce any taxable income you might have. 

When I went out to inspect, found he didn't have the energy to shave and get a hair cut either.