None of the scenarios apply to my situation that would qualify me for the no waiting period. 

I would be very hesitant, that's a very risky situation

However, that was in a foreclosure posture and not in a situation where we were trying to get payments.  

We recently did a full rehab on our kitchen and considered this exact situation.

For those investors who are married and/or have some type of experience with this situation, what do you think would be the best course of action?

@Brent Coombs @Todd Dexheimer Maybe if I  give a little more info, you'll see that her offer complicates the situation.

There is only one situation that I can think of where I would even consider a tankless and that is where the current water heater location is no longer suitable (i.e. you need the space, or there is some safety concern).  

I have also come to find out that the owner has living relatives that may not be aware of the situation (since it is going to foreclosure).  

West Hill is a highly regarded woodland village, situated on the western slopes of the beautiful Otter Valley in the heart of East Devon.

As you can see from the posts people, here are always willing to help and provide constructive feedback.When I read your post I immediately asked myself how could you use this situation to your advantage.