While many appliances and the A/C, water heater, etc were updated they didn't update plumbing or wiring.

Water/sewer/trash bills are killer in the City and they are ruthless about holding housing providers responsible while letting tenants repeatedly off the hook. 

The water heater and furnace is downstairs, and the thermostat control is upstairs.

We are currently looking at a HUD home in Georgia - I have a couple of questions and can’t seem to find a definitive answer - The home is currently in the OO listing period - our plan would be to buy the home doing extensive renovations (the home is in a “Historical” area so renovations have to be approved) once completed we plan on living there full time - it could take ip to a year to complete or longer I don’t know  - as I see it the OO designation is to be the OO for a min of 12 months - is this after the home has been renovated or after you close on the home - though the house could probably technically be lived in now it does have some water and roof damage and needs complete redo of electrical and plumbing - for me to deem it safe - so not really livable by normal standards - but no way it would be livable in just a couple of months - any thoughts or an actual answer to the OO rules 

Income Late fee Gross rent Expenses Advertising Cleaning Gardening/lawn mowing Insurance Interest on loan(s) property tax Legal expenses Pest control Property agent fees/commission Repairs and maintenance Water charges Electric Bill Total expenses Net rental income or (loss)

I think Chris makes a good point of determining the strategy - performing 1st position notes is always a safe "dipping toes in the water" type of note to go with. 

You may have water traveling down the bedroom wall, then across the dining room ceiling to the lowest spot which happens to be there.

Unfortunately, you said some magic words that chum's the waters so que the "please contact me PLEASE CONTACT ME" replies vs actually answering to what you posted...... 

The big deals will be vacancy, capex and appliances. (3 water heaters, stoves, fridges, microwaves?

The pipes have to be dewinterized so I would have a plumbing professional there prior and when the water gets turned back on just in case.