Actual cost takes into account depreciation so complete destruction of a property could leave you under water in terms of the amount paid for the loss.

My first self-developed software gave me efficiency.  

My rental condo in Asheville, NC was spared damage from the flood, but when the city finally turned the water back on a few days ago, they somehow overpressurized and blew out a fitting inside a wall. 

Be certain you've fully evaluated your cash flow by doing a cash flow analysis.I leave it to you to confirm you've taken in consideration the following potential costs: CapEx, maintenance, property management, water, sewer, trash, vacancy, turnover, taxes, insurance, etc.

The water fell 3 floors, when I observed the incident my neighbor was attempting the sweep water out the back door.   

Don’t assume that you will have water.

@Marc Robinson what's the lot rent, who pays what utilities and what's the source of the water and sewer?

It’s gotten me seriously considering bringing an attorney in-house to handle evictions and other legal needs moving forward.I’m evaluating this from two angles:Cost Efficiency: With the expense as high as it is, having in-house counsel could potentially reduce costs over time.

Why not start with a small turnkey rental property and test the water?

You said public water was available...would the lots require a septic system to be installed or is public sewer available?