If you don't have water, sewer, and power at the property already, it will substantially limit how many units you could feasibility build even if 100% of the land was otherwise usable.

You have $606 after tax dollars to spend on the rest of life's expenses, including investing, buying flowers for your significant other, cell phone bill, water/electric/vehicle expense/food/childcare/hair cuts/vacation. 

Aesthetics won’t be an issue and it will pay dividends in the long run with eliminating landscaping/lawn and water costs.

and the reason I say CA is that ( and I think we had this discussion on another thread) is that when I was re upping my CA BRE license there was a pop up that said if us agents suspect anyone of selling RE without a license to file complaints and their was a link..

If not, what happens when neighbor owner isn't maintaining their roof and water leaks are impacting your tenant?  

They put levels on the pad and check to see if there are any noticeable water entry points.

I recently have a water leak in a house.

This said, there are good people too that understand the challenges of the process and help investors navigate these waters.

The lakes region benefits from some of the nicest bodies of water in New England as well as close proximity to some excellent skiing, snowmobiling, snowshoeing and other winter activities.

It included similar "loss of rental income", same liability limits, included building code upgrade, vandalism and even 10% for water damage and 5K for rot.