Then wherever the water is getting discharged off of the roof, that what water is getting at least 4-5 foot away from the structure before it is left to drain with gravity away from the property. 

Water meter-water company.  

Finally from a purely from a cash outlay prospective short term, you could rent a house with roommates and your payment would still probably be Lower than house hacking because rates are so high, over the long period 5-10 years obviously it would cheaper ti buy, hope that makes sense 

Water overflowing the sink, seems more plausible than some missing caulk.  

For pure investment the best strategies in CO are Co-Living and Furnished rentals in my opinion.

The buyers did a long inspection, multiple days... made a huge request for concessions based on what we knew to be purely made-up issues.

What if you turn on water and it goes everywhere.

And I will state different jurisdictions have different rules, processes, expectations, etc.In my area you are required to have a permit to swap a water heater.

Quote from @Aaron Wolman: I would call the companies (gas/water/electric) to get estimates, or an estimator out there.

City water with one main at the street and how will they bill.