We normally don’t buy investment condos since the cash on cash return is normally low due to the HOA fees but there is something to be said about not needing to worry about the exterior, heat, hot water, snow removal, or landscaping.

You certainly want to ensure that both properties are adequately protected from physical damage (fire, lightning, water, wind, hail, theft, vandalism, etc.). 

You certainly want to ensure that both properties are adequately protected from physical damage (fire, lightning, water, wind, hail, theft, vandalism, etc.).

I am responsible for water, heat (gas or oil), common area electricity. 

The second buyer hasn't paid any real estate taxes, the water bill, or insurance since he took over, so I had to deal with those phone calls and letters, but the extra income was definitely worth it in my opinion.  

Should I expect my PM to handle taking over the service of the electric and water bills and charging that back to me?

So, this 3 bed room, 900 square feet, home I am planning on buying HVAC and water heater is out of warranty.

I believe the Hvac is 23 years old and the water heater is 15 or more (as I remembered).

Clearing the land, leveling the pad for a house,  hauling the rock and building the driveway, trenching for water and power, septic systems,  footers and concrete slabs.

Why muddy the waters with some spec builds?