Have them check the entire home, not just the areas you are aware of, and mitigate the issue altogether. 

Not sure if I follow Ideally we get something that has a good structure but is outdated and needs TLC. 

What is the best overall water metering company you have found when it comes to ease of installation, reliability, and the cost of the equipment and monitoring?

Not enough current income to move the needle, but all the knowledge required to learn and, if you're self-managing, the always-present "the tenant could move/break/have problem any minute of the day" possibility. 

The loan on a property shouldn’t factor into the taxes.

@Akash Agrawal In a real estate general partnership, all partners can be on the deed while only one partner holds the mortgage.

I've seen active pump jacks in the yard, but not sure who was there first...the well or the house. 

Im also invested myself and have been dealing with the housing market for 18 years.

Quote from @Nevin Wilkie: Hey everyone, I am in the process of rehabbing a property I just bought, and I am now ready to get flooring.

There's no better person to follow right now.Check out Set for Life by Scott Trench.