There are 2 different issues here:-Deductions from the security deposit need to be made within the timeline outlined by your state. 

Only you know which route is best (Refinancie, HELOC, etc.) for your financial position but, if you can get funds to pay cash for this, your chances are a LOT better.Your other considerations are a completely different issue.

No issues now, but it's bound to happen eventually.My properties are all in Texas county, but I have no problem dealing with someone in either the West Plains or Springfield areas.

Whether that experience is sitting on a beautiful beach with my wife, or if that experience is fixing a leaky faucet in one of my rentals, or renting to upstanding, wealthy, Class A tenants, or dealing with a low income, but hard working tenant, who is having temporary financial issues. 

@Neil Patak that shines a lot of clarity on the issue.  

Most people wouldn't represent themselves in a court case with a multi-hundred thousand dollar issue on the line, so why would you do it in real estate?

Lots of issues from the tenant, neighborhoods and crime rates.

I am not very learned on the issue, but want more information.  

Of course lease renewals are mandatory, so choose your tenants wisely.FWIW if you maintain a requirement for high credit rating the criminal report will never be an issue, right?

My plan is to get a property with minor cosmetic issues and fix these issues up and hold onto the property to establish a steady cash flow and hopefully some appreciation.