Nothing structural wrong with it.

The property doesn't show well with tenants and it's way more risky to buy with tenants in place (A LOT can go wrong before, during and after the process).

Your senator is the wrong party.

Remember, you always get what you pay for in the end.You might want to read our series about “How to Screen a PMC Better than a Tenant”, since selecting the wrong PMC is usually more harmful than selecting a bad tenant: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

Can't go wrong for $1 (seriously you can buy a house for $1-wow)

Remember, you always get what you pay for in the end.We don’t know anyone in the area, but you might want to read our series about “How to Screen a PMC Better than a Tenant”, since selecting the wrong PMC is usually more harmful than selecting a bad tenant: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

There is nothing wrong with leaving some of your initial investment in the property when you refinance but of course the goal is to pull as much money out of the property so you can reinvest it while still having a cash flowing asset.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

But as I tell everyone I work with I am more than happy to give it a shot and will be just as happy as you to be wrong when it goes for more.

That is a personal decision  -- not a clear right or wrong choice.