Can a link from single site hurt?

[limbo]

If you get penalty with single link, you can disavow that link from google webmaster. Also, you can not do that, this link would be ignore after making few more good link for same website. Your previous ranking will reflect soon on same position.

It will be completely ridiculous to wait for a penalty. If the link is already been identified then I would strongly suggest to use the disavow tool.

A penalty can take several moths to remove. So, better be safe then sorry.