Yes, you loose some market gains, but bonds have been flat.  

We don't presently have the loose financing and overbuilding that led to the last downturn.

We're working on fixing the violations listed (crack in the lintel, broken window pane, loose deck board, etc), but how will/could this impact our case on the tenant? 

They're probably not reporting your money to the government, which could create tax problems for you down the line, and by not having a contract they are less bound to the job and more free to walk off when they want.

I've had to hang plywood myself to limit water damage from a loose door (wasn't going to break anything that they'd have to repair, just cause me problems in the remodel), I've also told the bank to get someone to clean up trash left behind by illegal dumpers. 

Prepare a metes and bounds description with survey of the two separate tracts.

I see both of these as loosing properties, without running numbers, i think you loose money on both of these every month. sell them both, you will make money on them, then buy yourself something that will make you money.

Now we havent got the resources to get the taxxes and payments made, so are likely going to loose the property unless I can find a way to get out.

If offer is accepted, you have 48 hours to submit the wet-ink paperwork to the regional office (PA is the one for me), along with the EMD stated in the contract ($1,000) If you choose not to take the property, you are not bound to anything, so you could walk away without penalty3. 

Zoning and other restrictions are really loose here.