My question is, having no way of knowing the quality of screening the current tenants would have actually undergone, can I use the information on file to run a quality background and credit check to perform a "risk assessment"?

Either it performs, or I cancel it. 

@Jerry Kim on top of what everyone else has said, take some time to compare how various CRE asset classes have performed in a down market compared to the S&P 500.

They perform based on the level of stress put on them.If their stress and difficulty level is low, they put little into it.

There is also a lot of risk.Should you want to just get a great property that performs, and don't want the headache of acquiring, rehabbing, placing and managing tenants, etc, then TK is a great way to go. 

I'm also curious if anyone has thoughts on how the tri-fold self-mailer might perform for marketing, as I've not really heard it discussed much.Thanks!

I'm glad to see that your analysis is inline with my casual observations. everything I've looked at on the MLS has not seemed to come close to cash flowing.

Time is money, we want to get our properties performing properly fast, usually this means spending a little more upfront. 

That 1 property in Birmingham has been in the bottom 5% of performers in our worst performer in our portfolio since year #1.

Well, IMO, if you truthfully and totally disclose your intentions and ability to perform (or lack thereof) UPFRONT, then it is ethical.4.