It's amazing how much one can save on the water bill alone just by replacing the toilets with a new water saving one, which can cost as low as $30 from the big box stores.

The most common structures I've seen are either pure debt offerings or preferred equity offerings where investors are paid a predetermined return before the sponsor receives any profit.  

On physical inspection all of the electrical panel had been stolen, all the wires cut out of the attic, water heater, and air conditioner as well. 

I just renovated the bathroom because it was terribly outdated with cracked tiles and water leaking into the basement and I am planning on re-building the porch because it is a potential safety hazard.  

I provide information forms to all new renters giving them the pertinents - location of water/gas/electric shut off, phone numbers to all utilities and emergencies, trash & brush collection info, specific information about maintaining/cleaning the house, etc. 2.

I do know that there have been stricter rules and guidelines regarding water runoff and such since much of our ground water eventually impacts the Chesapeake Bay. 

Your utilities number looks low - $200/month for cable, wifi, heat, electric, water???

What I can tell you for certain is my first deal was like jumping into the water.

Do you feel comfortable buying a house that may have extensive water damage/mold?

Any such investing has to be done entirely at arm's length and purely for the benefit of the retirement plan, so you could not use this for your own property or to generate income for yourselves - other than taxable distributions from the IRA after age 59 1/2.There is a lot of good information here on BP about the general concept of these plans.