Tenant has been there for 15 years - the unit is probably beyond wrecked after that much smoking.

I'm betting dollars to donuts this didn't happen overnight and your PM had opportunities to stop this train wreck.

The house is a train wreck surrounded by million dollar houses.

And a year of tenants could wreck much of your rehab.The refinance strategy followed by a sale later when appreciation and cash flow have allowed you to get the cash together for yet another purchase can be a great strategy.  

I had to sneak out of work at times to get my rehab done was nerve wrecking but would I do it again?

Break out the wrecking ball!

Unfortunately there are some really sh*77y people in Real Estate and it can be a train wreck. 

When things are fine, all is fine, but when things go sideways, it's a train-wreck and that's why, RISK EXPOSURE. 

I think Powell is going to wreck this year, at this rate.

You know, to buy an actually viable deal before the realtor wrecks it for the buyer.