There are two factors at play here. 

All I can think about is the "hassle factor" associated with having to furnish a property from another country. 

I also plan to make the last months rent/security deposit conversation part of future tenant turnover in the event I make this deal happen - the existing landlord is a bit of a "lifestyle" landlord, for lack of a better term, and so my plan would be to slowly increase rents, establish formal lease agreements, security deposits, etc. as tenant turnover opportunities come up.

What are the risks and based on the numbers and other factors (described above), should I even do this project?

Do you think this factor can be a deal breaker when I am searching for potential rental properties? 

There are a lot of factors that go into a good investment, and while the market is critical a provider can make or break your investment.  

I factor in 5-10% for repairs and maintenance in my head though.

Then there's another factor: I still live with my folks, who are of the more fiscally conservative variety.

The determining factor for whether or not the bankruptcy is going to matter is if the bankruptcy was filed before or after the property was struck off at auction. 

don't remember) of current tenants must agree to purchase their unit.2) The price will be high, because the landlord is going to factor in the costs of the condo-conversion (it will cost the landlord 100-300k for a smaller building).3) The landlord cannot vacate the building to convert to condos.