Personally I would pass but if you go forward I would do a lot of research on the group you are renting to and get a very large security deposit to cover damage. 

Also think about what can be damaged (tenants generally don't take care of the place as well as you would). 

The yard looked like trash, plumbing stack leaks and multiple water heater leaks.

Houfy now has a damage protection plan that costs the guests $5 a night and does light identity screening through SuperHog. 

I would also look at the availability of public water and public sewer, if not at the site how far away are those services.

In the event you do have to pay for the repair (although I would heavily contest this with the contractor) I think its fair to charge the tenants with an explanation that you did incur damages for the repair although you previously believed that you would not 

water heater? 

Quote from @James Jefferson: Hi, I have a family member that had a reverse mortgage on their property it's a 3b 1b 1 acre of land heats by oil no hvac and on well water.

Insurance doesn't cover anything anymore and we can almost just pay for all damages with the money we spend on it! 

They offer a $10K repair fund to fix damages in addition to SD plus warranty for appliance repair etc.I have no say in whom they choose to move in, whether there are animals, limit on # of occupants etc. they reserve right to inspect property so i have no idea if they can tell me to remodel, paint etc.does this make sense i have a vacancy coming up in October (bad rental timing).