However, I am worried about the outdated electrical and water systems for safety concerns.

Depending on the amenities offered, and many HOAs in my market will also pay water bill, possible cable/internet, pools, hot tub.

Replacing multiple furnaces, water pipes breaking, noisy tenant I had to evict, etc etc.

It really depends on the scenario.If someone is in deep waters, BK, foreclosure, terrible credit, etc.You don't want to be above 60% LTV as that borrower has an incredible risk of default.

We were able to work a deal in the last 2 weeks before it was finalized, we had to pay the max amount of interest for back taxes and water bills and liens on the property.

I am smart and know when the ship of the industry is sinking or taking on water.

And your gambling a LOT of $ on trying something out, via purchasing a property to try the waters.     

The renter of our condo in downtown Asheville gave notice due to the city being without water since they expect it to be weeks before city water is back on. 

Water DamageWater is a natural enemy of mobile homes.

There was a water leak in a bathroom which required a full renovation of that bathroom.