While the rent was low, the building was the definition of deferred maintenance which I would soon discover in a utility bill from Georgia Power in excess of my monthly rent.

@Andy Pillinger, there actually is a way to use a 1031 to deal with that excess gain above your 250K primary residence exclusion.  

So, in review, take excess funds, place them in a brokerage account with aggressive margin rates, place cash in secured assets, borrow against said assets, and expand my real estate holdings essentially for free. 

Avoid excessive calling to the same call recipient.

@Justin Kovach 5 million does seem rather excessive. 

If, however it truly gets out of hand to a point of creating a fire hazard or impeding the ability to make a reasonably hasty exit; or if they are completely blocking an exit or an electrical panel; or excessively stockpiling recyclables or flammable material; if food has been clearly left out for extended periods, with roaches crawling all over it or worse, and household rubbish is not being reasonably contained, I will give them ONE 30 day period to make dramatic improvement, a second violation would result in non-renewal or termination for cause.

I still play certain games (at age 43), occasionally to excess.  

Also, people with sufficient funds will leave these areas and the area will go into further decline.Climate - Properties in areas with hard freezes and excessive moisture will tend to require more maintenance than in milder and dryer climates.

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

Mix in some other items like the resulting price per door relative to comps, if there is excessive land that might allow you to pay more per unit of rent, etc and you can make a decision pretty quickly and easily without even seeing an owner provided P/L