Much of smooth property management is really about having consistent policies and good systems. 

Get it out of your system.

So we outline all major systems (plumbing, electric, hvac), roofing, siding, windows, flooring, ect.

Of course with the lower income properties the opportunity for a higher R.O.I is available, but if the property is being sold with a lot of deferred maintenance and/or the turnkey provider doesn't have good mgmt systems in place, it could really be a nightmare.  

That is why no one can get a home loan because of all the deadbeats riding the system.

In Ohio/Indiana/KY lots of buildings a set up this way, and I nix them out just for that...life is too short :)Problems with these systems are like water in the basement - you fix one thing, and they find another way to screw you...Good for you, Will, to have caught it.  

The seller did disclose it- However you never checked the system professional prior to buying it or asked for repairs.

I wish you nothing but the best of luck, but you may want to factor local flavor (aka the good ole boy system) into your plan.Mike

However, you just need to be much more focused and create great systems.  

There are certain people that aren't abusing the system and actually need a helping hand.