Our condos are largely unaffected right now, but we feel the building itself is likely a ticking time-bomb even though the LoSo area is primed for even more explosion over the next several years.We have been in two minds: The low headache, high returns, and promising location are great, but the low ROE and poorly maintained building seem like risks.What strategies would y'all use here?

LOL  The other seemed promising but I'm afraid I would run into exactly what you cited.

You are asked to accept greater risk, with only the (false) promise of "guaranteed rent".

They'll make a lot of promises and not follow through.

This is awesome for MLS properties because I promise you, your eyes are not the only one who sees this property. 

This means having the home owner sign the deed of the house over to you, with the promise that you will make their mortgage payment. 

Just found out an outside Agent is trying to swoop in with 2.1M promise.

Of course most wont actually work out, but I then start clicking around and see how they look.After that I find a town that looks promising, and search the town name for rentals, to see what the going rates are.

Also, tenants can't later claim that they were promised this or that because they had a chance to write it down for the previous owner to sign on the estoppel.You should get rent roll, P&L, Balance Sheet for propertyWe sometimes never meet the owner, everything is through the agents.

One the the most common contractual consideration elements is mutual promises … “in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged…”A promises to pay B the amount of $X on Y date for the property commonly known as Z lot.