I don't really know if that is the prudent move since the tenant could trash the place or force an eviction, but I am admittedly worried about another incident potentially occurring at some point before the old tenant's lease expires in May.

However, I am grateful that nothing major really occurred (but everything feels major in the moment when its your first time experiencing it lol).

Run the basic numbers beforehand and then, if you are able, jump in and get started.No amount of BP posts, podcasts, or RE books will ever compare to the learning that occurs in your first property!

The reason is because of an IRC concept called the matching concept, in which you match expenses to the period in which they occur.

Still, if I was living their a few years and I only started noticing this occurring, I would call the local policy department and speak to the office assigned to this beat to see what their thoughts are about crime trends in the area. 

They can occur in both residential and commercial situations.

The landlord for the upstairs condo stated they would make the repairs, however, this situation occurred on Memorial Day and the only thing the landlord has done has sent a contractor to look at the damage.

Some landlords will say it gives them a (false, I would argue) sense of stability by predicting when I turnover will occur. 

If the property was going to continue to be held, until a point agreed on down the road, be sure this is clearly spelled out in the deal structure and you two would split net revenues from income until the sale occurs later. 

I also believe in this market the seller could get better values selling each property piece by piece but some may have medical, legal, retirement, ect other items occurring in their life that requires them to sell all in one go.