Roughly $500,000

So, if you want to put the real property under contract subject to short sale approval, then I guess you can figure that paperwork out.

@Gary M caceres see if water company can give you daily consumption amounts, so you can figure out when it started - may help find the problem.

That’s roughly a 3% return.  

Because the existing house was too low the developer followed the rough location of the old sewer line and installed a new sewer line to connect to the existing house. 

I would like his contact info as well I need to figure out how recoup my money.

Quote from @Karl Kauper: The tenant should figure his own life out.

With the $150K that it would cost, that actually gives you roughly $500K in buying power.

------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I'm trying to figure out in my head how fund model would make sense in this type of community.