The way I plan on presenting this is that it would a) spare them from having an actual rent increase and b) give them the ability to control the cost as they can control their water usage (in case they have been more wasteful than they could be).

Putting a low rate looks like you're just looking for an excuse to get out of contract, in which case "why waste everyone's time?"

This being said, don't waste a contractors time with walking a property with you unless you are serious about purchasing and already have financing arranged.

They are a credit union and have minimal fees. 

The investor should give you some basic criteria to ensure you're not wasting your time.

It takes away (1) the time wasted in making the decision and (2) the emotional aspect of making the decision.

I am thinking about buying a few parcels (in other state) and... do NOTHING with them for next ~10 years (so no income, minimal annual expenses).

Example: maybe you're expecting some tax-free or low-tax capital gains next year, and you do not want to offset them with carryforward losses, aka wasting losses.

I would also mention that where it is allowed, listing agents who act in a dual-agent capacity are going to want to realize that dual agent commission and will be minimally interested in sacrificing a portion of their commission and almost certainly not half.

But the rehab process takes me about 2-3 years to finish because i work Full time and only have weekends off to rehab. is this a good idea or am i wasting my time or is there a better alternative?