All of these eventually lead to devaluation of the property. 

Warn him that his failure to maintain the property could devalue your property and result in a financial loss, which could trigger a lawsuit.If the tenants get enough pressure from the police, that may scare them into moving somewhere else.

Call it a dollar devaluation adjusted savings account. 

Will devaluation make the dollar worthless between now and when you no longer need income and you lose everything?

Artificial Inflation of commodities is often caused by the devaluation of the currency used for the exchange.

Money printing and the devaluation of the dollar over time.

Have you spoken with anyone on the board, this does not seem like a huge requirement except cost but I wonder if the board realizes this is going to devalue the properties. 

Traditionally countries (that comeback) will devalue their currency to increase exports (and money coming into the country). 

What is $40mm in 2024 worth from both an inflationary standpoint, US dollar devaluation standpoint, and in real estate what could you have leveraged with the same $2mm investment in another market, plus risk/reward 1 $2mm investment versus 5 $200k investments.  

As bad as the debt is and the resulting devaluation of the dollar, money is backed by hopeium.