One property had its water heater stolen not once but twice as well as the furnace in the second attempt.

I'd only look at land that's at least connected to water and power and already has a septic plan in place.

Choosing a professional restoration company seems really important, especially for damage like water, fire, or mold.

I'm told a permit is required to replace a water heater.

It'll take some explaining for those not familiar with Access, but it's pretty dang cool. 

There will be tears, but they can be comforted by the cool "Sub To" hat.

I guess my other understanding is that I have to provide it is water proof and it is correctly zone for fire.

They almost flooded the entire ceiling the first day because they couldn't even figure out how to turn the water all the way off.I am looking for an answer on how I can deal with this.

You mentioned the roof and AC being new and i'm assuming they're in good condition.10% should be enough to cover the random water heater that goes or any other lesser headache. 

I recall when I first dipped my toes into out-of-state properties; it felt like navigating uncharted waters, but it opened up some incredible opportunities.Between BRRRR and turnkey, it really boils down to how hands-on you want to be.