I have never pulled a permit for a water heater swap, know no one that has ever pulled a permit for a water heater swap, ever seen or heard about one getting red tagged for no permit, and have never had a plumber recommend getting a permit.

Utilities such as water, sewer, gas, electric, trash, etc (utilities are usually split with tenants, you’ll need to estimate your portion).

For example, I have a subject property that has 1682 SF on the main floor and 810 SF of finished basement (the majority of which is about 8 feet in height with the exception of some bulkheads to hide the mechanicals) and 271 of semi-finished basement that is a utility room basically (washer/dryer, freezer, hot water heater, furnace, some storage).

Need to watch out for utilities like water meter, electrical, gas, and sewer.

Hi Renata,To gain a clearer understanding of the overall condition of the home—including plumbing, electrical systems, HVAC, and the roof—and to identify any major issues such as asbestos, water damage, mold, foundation concerns, or wood-destroying insects, I strongly recommend having the prospective properties thoroughly inspected.

I don't care what kind of business it is, STR, Hot Dog stand, any biz I am NOT paying 8X annual gross revenues, no flippin way! 

Access to water, electricity, etc is kind of non negotiable if you want access to most lenders. 

Literally to save their lives.

Quote from @Andrew Kubik: Wow - having one of the only water front properties in the area will be awesome!

New roof and gutters, updated vinyl double pane windows, resurfaced parking lot, and upgraded main water line.