Any advice on some additional improvements that could be done to potentially fix this problem without having to buy a new water heater?

would love to connect to see if i can be of any help on your journey

@Alec McGinn research the rental market history.How many units typically on the market?

I think it is somewhere on FM 349, but we have never attended. 

There have been so many studies on rent control it's ridiculous.

And since the S-Corp’s profits pass through to you, you’d still pay personal income tax on the rental income.

The due date for 1065 returns is March 17th this year.Yes, you can deduct all property related expenses on the 1065 return. 

After I bought my place, I found a tenant on Craigslist.

Quote from @Jamir McClinton: OFF-MARKET LAND FLIP View report*This link comes directly from our calculators, based on information input by the member who posted.I just want to know if my analysis is accurate or if I’m way off.

You assign the lease option agreement to a tenant-buyer and receive an assignment fee without needing to close on the property yourself.