Quote from @Jaycee Greene: Unless you already have a capital reserve fund that will pay for unforeseen, major expenses, like a new water heater, roof, or A/C unit for example, I'd keep the profits in the account until it can cover 6-12 months of operating expenses.

Pretty often no water, sewer, power or even roads to the property. 

By improvements I mean that there is power, water and sewer/septic installed and working.

It also has the benefit of being local which is great training wheels as you learn how to be a killer host.Now assuming that you mostly want a cool property to stay in sometimes near water and don't want to spend a ton of time managing I really like the outer banks in NC.

But it should only be attorney cost, the deed and recording fees (few hundred) , maybe a final water cert.

What type of MEP work are you putting into the design for getting the sewer, water, power, and internet (assuming you're not extending gas) to the inside of the building? 

Costco makes great-quality stuff, I try to avoid the huge bottles to seem a little fancier but no need to overspend.  

Are there separate gas, electric and water meters for each apartment?

No extra fees added for repairs, I'm allowed to contract my own people via the PM to do services(HVAC, lawn, water heater, etc.)

Water heater 3 years old.