I underestimated utilities in my early years, so I ensure those are properly captured (electricity, gas, water and trash).

Timing is key—catch a hot market or a great 1031 exchange opportunity.

I am a bit concerned about water long term in AZ and NV. 

I ASSUME you’re talking $400+ in extra expenses for providing water, power, sewer, gas, internet, communal area cleaning, and exterior maintenance.

Picture this: 3 pools and hot tubs, a dynamic game room, a versatile venue, pickle-ball courts, outdoor theater, mini-golf, and more.

This area definitely gives you good weather year round, summertime gets hot so as long as you're getting systems serviced before then and then in the fall you're usually ok. 

This is a hot topic, and something I go back & forth on.

The other thing could be tracking what you have had come up on the last 5-10 projects after closing, i.e. the water heater was at the end of life when we bought the last 6 out of the last 10 properties.

My PM, who did not know my realtor, said the house looked good, nothing needed to be done, and got it rented.Turns out both were terrible, the house needed new HVAC, AC, windows, Doors, Pipe fixes, Water Heater, electric line, I found all this out after my Tenant Sued us because of the house's condition.We spent a 9 months of the tenants chasing off contractors before we got it repaired and the tenants out, then the judge granted us all our rent so we finally go that.

The property has 2 electric meters and one water meter.