I've taken into account the expenses you've mentioned above, but i was wondering, if the landlord would be responsible for the water, sewer, garbage expenses as well?

I just had a lovely family from Australia with 4 kids discovering California for the first time who were denied from their booking due to "water damage" , they were told.

I’d also give some thought to the water quality in your area.

Living room walls look very lumpy.Silver springs area comps dont seem too high looks like we could get 1200 to 1300 

Having $3MM of dry powder during a potential downturn is EXACTLY where I'd want to be, not invested in a property that is simply treading water, especially in a more expensive market.I am of course assuming a downturn, but there is no denying that even very active money (i.e. more time available to spend on adding value) is having a difficult time finding quality deals today. 

-Costs of street development and utility extensions (public water and septic)-Approval process for subdividing, what should I make contract contingent on to protect myself (approvals, soil tests, stormwater etc)-Is there a form of financing people generally use?

Absolutely beautiful and the water is always warm. 

The same is even truer of anyone who decides that they're willing to part with $2500/month.Your position is quite unlike selling bottled water in a disaster zone for $20/pop.

A condo I purchased 6 weeks ago, seems to have water damage and black mold. 

None the less, I’m going back at the market this spring and plan on going bigger.