I have used hard money several times, then I found a mortgage broker that admitted, I could borrow from anyone, brother, mom, etc, and have the same effect as hard money, a loan was on the property so it was a refinance.With people in retirement making 1-2% on money, find a friend and give them 1 point and 6 % interest,,they will love you for it, just make sure you can refinance out of it so they aren't 'holding the bag"

Have an unproven tenant that can damage the property, and deal with vacancy clean up, etc.

It may have an almost negligible effect or in some unusual circumstance may have a devastating effect.

What if upturn on the water and the pipes burst causing thousands in damage?

I would just try and get away from this all together without further damage.

To hedge against recessionary effects an investor needs to look at products and services that are more necessary for society.

If tenants trash property you can sue them for damages caused by them but your also liable too since you also have interest in the property and have responsibility to owner.

Once they started repairing the damage, they found that one of the structural supports was burned on one end, but that meant it had to be completely removed/replaced, and a few other major issues.

They gave my wife permission to enter and she said there is not any damage that she noticed.

If you are not willing to visit the property and/or it is not cost effective to do so, then IMO you should be offering it for sale asap and trying to recover what you have into it.