You may have a 1M policy, but 25K for mold limit.Cracked water pipe MAY be covered.

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

And I did buy 13 lot package in Henry county but it was all sewer and water.. smokin deal 3k a lot held them 2 years and sold for 35k a lot :)@Jay Hinrichs excellent advice - always appreciate your insight!

So, if your property has all bills paid by the tenant, you will deduct from the voucher amount the set amount by bedroom count for items like water, electric, gas, etc.

If you have a older home that has never shown signs of foundational issues, and it has a new(er) roof, electric, plumbing, HVAC, hot water heater, etc.

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. 

City water 200 yards away

-A water heater issue resulted in repeated mismanagement—confusing unit assignments—leading to extra costs to fix the same issue 3 times and on each occasion "more fixes" needed to the water heaters that I plumber said was needed.

You should look for an "investor-friendly" PM company that knows how it is just dipping your toe into the water of buying a home/condo/townhome.. 

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