Unit completely re-piped, submeter installed and dry wall repaired. 

Brrrring is also one of my objectives, but watching the market for good fixer upper deals are somewhat dry, or locations are questionable for safer rentals risks. 

You can choose several million in excess liability protection.  

Even with a limit, you are exposed because utilities are paid the following month so if it's a large bill you may be stuck with it.The other option could be increasing rents and/or having a 'utility deposit' that would cover excess bills.

Make sure all leases going forward state specifically "subleasing is prohibited," to make this eviction process cut and dry...well as cut and dry as it can be.

Yep, if the tourists dry up we're all in some deep trouble.  

But the joists are dried up and buckling.

I think it depends on what you are doing with your excess money.

The above savings on payments would be in excess of $30,000 per year, so I am anxious to get this move done.Any help/advice on the most efficient way to get this done would be appreciated.  

When analyzing 6 months to a year ago, there were multi family houses galore in the 350k range, but looking now it seems as if they’re all dried up.I am only analyzing on Zillow, though, which I know isn’t the ultimate resource for finding great cash flowing deals.