The best defense against rats entering your property is to seal off all entry points (holes, cracks in walls), remove food sources (dirty dishes, food left in trash cans), and water sources (like leaks). 

The current owner is letting me take over the property as a tenant as long as I pay the water bill and the mortgage payment on it and whenever I decide I can purchase property for the balance of the mortgage  they are in no hurry for me to purchase the home as long as the mortgage is paid. 

Implementing water-saving initiatives is a smart way to reduce utility costs.

Water issues are the most common. 

If they suspend/lose their license, they're dead in the water.

Many people have a mortgage on a property where the land value is much greater than the home (aka near the water) and insurance is not able to pay off your entire outstanding mortgage.

Community water, and electric are at the street.

Maytag and Whirlpool are good imo.I personally also avoid ice makers and water dispensers.

Think on it, how much does $250mnth buy for a furnace, a/c, water heater, carpets, really any reno at all?

I know it can feel like uncharted waters at first.