Tenants pay for gas and electric, owner pays for water.

Home Warranty: My bathroom sink is clogged and I'm too stupid to know how to pop the water stopper out and clean it. 

Things such as hot water tanks, carpets had to be replaced in a few years, so I wound up depreciation some items more than once.I sold a rental last year for $430K that originally cost me $70K as an investment property.

In Vancouver 20+ years ago, a bunch of condos were built and they were not built properly and had to have massive repairs done due to water damage on the outside (we called them leaky condos). 

I thought of banking on appreciation and rate drops as pure speculation and akin to gambling.

It's really aggravating because they did NOTHING when the former owner let the garbage pile up in the park, had leaking sewage in the park or the water was turned off for 4 months. 

Is the wife on board with a pure rental property or does she want to sell, save on taxes, and be done with it?

We have 70k which was enough for intial loan it was 5% down but lm not so sure with the land only because deposit is that.Intial loan we made no paymts until it was done, this one we have pymts right away and will need to now save for septic, water hookup.We thought we could make apt after utilities are in, in the garage for now and at a later time get a manufactured home.We both arent sure what to do. 

The boss is firm with it being Wildwood Crest only, very close to the beginning of the boardwalk, and 1-2 blocks from the water.

mainly cosmetic: stained floors, repaint, may need to replace carpet with hard wood, resurface cabnets, new shower, repatch water damage.