It sounds like you also could wholesale it to another flipper as well for another exit strategy...My gut reaction when I saw this property was,  I wonder why it has not been maintained and taken care of.

The missing rail case I'm pretty sure is negligence (landlord duty to maintain property up to code) and at fault, especially if notified about the issue - insurance will not cover in this cases (more than that, I think they will look, maybe even help, to blame the insured in order to deny the insurance claim - in other words, I don't think their first priority is to help you, but to find reasons to deny the claim).

It needs to maintain its own books.

That said, homes tend to keep their value so long as they are maintained, they are not disposable like a car. 

On each property, the insurance I maintain is what the insurance company has quoted me for replacement value.

@Matthew Powell I suggest that you find a farm area where the deals are spend sometime in the local community, make contacts out there with local Real Estate Investors that can help you get the lay of the land like @Alex Price said In addition you may want to consider finding an Investor friendly Realtor there who will be a great resource for local professionals that can help you to manage, maintain and secure the property.

I paid my dues and maintained the property.

You would be inherently and inseparably be mixing personal involvement with whatever business fiction you are trying to maintain so I can’t conceive of how this would hold up in court if an action was brought against you

Currently our focus is more geared towards owning a few long term rentals where we can manage and maintain them mostly by ourselves. 

Certainly some owners are better than others at maintaining their income statement but for the most part they are usually pretty good.In the context of small multifamily it's a complete grab bag ranging from CPA level income statements all the way down to a shoebox full of receipts.