Consider if they have a lease or no lease this might also make a difference.I would have them make requests for repairs and commitments to pay in writing, plan to get current on rent,  limit requests to safety issues now.

I won't have to deal with managing another project, budgets, contractors, time and building and safety depts..Any thoughts?

The asset class is not exactly what I was looking for, I would probably call it a C (although I know this rating system is a completely arbitrary measure of risk).

I'm looking at keeping it long term as a rental and another form of retirement safety net.

. - who have retirement funds or other accounts with high balances where they might like to see better returns, greater safety and less volatility.Google "true self directed retirement accounts" for more details and search BP for "SDRP", "SDIRA" and other relevant keywords.David J Dachtera

I look to an acquaintance who lives in Germany, and it's crazy how much easy money we have flowing into our market because of these laws that have been passed over the years.Is anyone else a little freaked out about what might happen if that legal safety net begins to disappear, or hits the edge of its bubble?

He wanted to bring his roof guy out to take a look and put some figures together based on his measurements.  

I would have to make sure there is enough of a safety net in my bank account starting out to cover for the possible vacancy.

If you can't get more than 10% ROI after a generous allotment for vacancies and capex, just put your $ into the stock market.  10% should be your measuring stick.

Make sure to take all your measurements/etc at the same time as well.