I was working on a deal which looked fine when my contractor walked through, when water was turned on the pipes burst.

The County Health Department (I think) could use the house address to confirm to you if one is allowed or not.I've worked with Citizens for potable/drinking water, but not sewer.Could you help me understand if you're talking about storm water (rain water) or sanitary sewer?

At some point you need a new roof, plumbing, windows, HVAC, etc - setting aside 5% of rent may cover a new water heater, but very few components of a house last more than 50 years.It's 2024: books written in 2015 or 2018 are based on the market conditions in year 5 years before they were written.

:I keep hoping for climate change so we get more water.

For example let’s say in your market a water heater replacement costs $1k (my market is ~$1500 if using license plumber but our water heaters are different and more costly) and last an average of 12 years (our actual data going back almost 50 years places average lifespan just under that for gas water heaters).  

I was thinking of becoming a signing agent as a way to dip my toes into the real estate waters while I continue to soak up as much knowledge as I can.

SFR is 2100 sqft over two floors (one is basement), both floors are fully-finished, water pressure is not an issue. there is no other rehab in the main house, so we will have to cut into the ceiling for just the retrofit.Thanks a ton!

You can also expect water damage, termite damage, and mold. 

The small leaking pipe in the kitchen is likely a water supply line and a plumber can fix it.

If 2 and the bathroom is on the second floor, the plumber will need to access the other plumbing/water lines and this could involve accessing walls and ceilings in various areas depending on your layout.