I don't have anything negative to say about them.

Although the sensible solution to that circumstance would be to sell their house, the reality is that the emotional response to these circumstances is to try to keep their house not sell it.I am not trying to be a negative nancy here.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

However, it would be cash flow negative if I were able to assume the mortgage or buy it with 20% down at the market price. 

Are there specific pros and cons I should consider when it comes to refinancing, forming an LLC, or even continuing with the rental given the negative cash flow?

Like many tourist destinations, Dublin suffers from extremely high rents pricing many local residents out and to try and negate that there are a number of rules placed on short term rentals in the city.

Negative.

We're starting to cash-flow negative but it's been 6 years.

This may seem like a naive/juvenile question to someone of experience, and I'm new so here it goes.What positive/negative sides are there to having a lender who isn't local to the area I'm looking to purchase?

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.