So many properties numbers look great until to realize the impact of being one street to far and have triple the water costs.   

In our state we are allowed to charge a max of 2x rent for a deposit, so what if we systemized deposits to be a flat $1,500, or they can pay $75 per month for a warranty on damages (only damages) of up to $1,000.

Make sure everything is working properly, have a little coffee maker and leave some water, champagne (2 night or longer stays), breakfast pastries, or something similar for your neighborhood.

I'm renting out a condo and a prospective tenant asked me if I would supply the air filters for the unit's HVAC system. 

If the systems like the roof, furnaces are new, I may make a different offer on the property than if they all needed to be replaced. 

According to my insurance agent, the only additional insurance requirements from a “normal” four-plex is taking into account flood risk / insurance - no other liability concerns.I’ve never owned water front property myself, let alone rental property on a lake.

They're really not for me or probably most Real Estate investors on BP obtaining higher returns than what they can offer, but I do admire the hands off approach system they devised.

Then the expense ratio rule of thumb (since you indicated tenants pay their own water ) is 30% ( if the park paid it, would be 40% rule of thumb) .  

Over time, it rusts out and sand, ground water, mice can get in them.

This was a very extensive job with water damage.