This Water Street property in Delphi, IN, was an attractive investment due to its low purchase price of $21,000 and the potential for significant value addition through targeted renovations.

For example where water is included in the rent. 2.

And very important: most of the fresh water in the world.Also, MN has become landlord-unfriendly.

Everything seemed to be going well and then... the water main burst at the property. 

Sewer and water systems are not designed for 8 adults taking showers and excreting waste. 

Is there power to the lot, is there public water or will you need to drill a well, if there is public water/sewer do you need to pay the tap fees, etc.

I would advise to separate the water and power meters.

I probably profit about $0.50/load based on my cost of water and electricity.

Make sure tenant knows how to flip breakers, turn off the water main, relight water heater pilot, etc.

I wouldn't limit it to roof as wind and water can damage other areas of the home..what if a window was left open and the interior now has water damage etc...Did you already bind your insurance (likely not if you are two weeks out) So there may not be a reason for them to dictate you get it reinspected.