I already owned a home not on the water.

Your architect can create this for you.For hot water heaters, is there a lock on the door to that room?

Test the waters with the sponsor for 3-5 years as they hold the properties in the DST, then decide if you want to align with them as a part of your long estate plan.Last (and best) recommendation: Ask your broker what the funds from operations (FFO) ratio is.

I've been debating on sticking my piny toe in the Bham water... lol. 

If I was the tenant that got damage from another tenant's water heater, I would expect him to pay the bill.If it was a pipe in the building and not in their unit, then I would think the landlord would be responsible.

things missing in your list (everyone manages differently, so take it with a grain of salt)Vacancy rateTurn overbad debt legal fees (evictions as needed)accounting fees for professional tax prepmaintenanceProperty TaxesSales Tax on PM fees (In NM, this is charged, not sure about where you are)Reserves for replacement CAPEX - furnace, water heaters, ac, roof, parking lot, etc.Admin, software, advertising, etc.Cost segregation study for accelerated depreciation captureAs for your loan. 

You are looking for evidence of water and mold and assessing the structural integrity of the walls and support beams.2.

Hey what are you going to do with that lot, or you know it is landlocked, or you know it is unbuildable, or you know that is under water, or whatever? 

If we find Lithium somewhere, that may also be a hot topic like it is in SW Arkansas right now.   

The people elected her twice;  the city floods in a medium rain and boil water notices are frequent due to crumbling infrastructure....but they did find enough money for festive lights for the bridge for the Superbowl.