Get the easy stuff first - rent roll and lease end dates, any bills the landlord pays - common area maintenance, maybe water, sewer, taxes, and insurance.

Have a salon with a water heater that was installed around three months ago, and the tenant has complained that it's having issues heating the water; I suspect it may be an electrical issue with the system. 

The main issue with rental basement is water if it has water issue usually it is a simple fix .Clean gutters ,discharge gutter  water away 10" away from foundation, make sure you foundation soil is slopped away from it .If you need to buy soil get a clay mix .Cut back any tree too close to the foundation look at the drip line that's how far the limbs are out from the tree .If all that is done still has water buy a sump pump  carry the water to day light away from foundation 10" to 15" .

Is there a standard amount or is it tailored to the project ?    

This is my first extensively water damaged home that I may purchase.

Water services.

Hello, I am planning on purchase two triplexes that have a single water meter for each property.

The house has a new roof, but HVAC and water heater replacement might be needed in the next few years.Also, mortgage rates are currently around 7%.

Are you providing a service to help the tenants abide by the contract and basic living standards?

(Current cost to bring in water line is around $140k or a well starts around 40k with no guarantee of hitting water) What made you interested in investing in this type of deal?