Water dispensers mean floods.  

On Sunday morning, we got a call from the neighbors saying that there was a lot of water coming out of our garage!

Build the system, step away, be a service missionary with my wife and kids (e.g. bring clean water systems to third-world villages, disaster relief, etc.)"

Purchase price: 270kCurrently rented for: 3500/monthExpenses: 600/month (taxes, insurance, utilities < water for one unit)Prop Mgt: 300/month Maintainance: 120/monthCapEx/Rainy day:  230/monthVacancy: 175/ month (5%)Debt service:  1090/ month (@5% interest)Total:  2500 (approx)Cash Flow:  1000/month (200 per door)Downpayment: 70k (25%)Cash on Cash: 17%What are the downsides of such a package against a multifamily unit?

Check with the public works department to find out if city sewer, water, gas and electric are available for a new built.

I don't know a lot about this stuff either but I'm currently working with another investor to buy one of his rentals with seller financing, pretty excited about it good luck, we too are planning on having a lake house right on the water. 

I think the key to passing is cram your classes into the shortest period of time possible, and once you are done with all your pre-license classes (90hrs) take your tests right away while information is still fresh. 

It is on the water with a pier and small community beach - that helps.  

The only things that will be coming up is roofs, main water, sewer lines over the next ten year and of course possible bad tenants tearing up the place.

Comes in a 1.1%7 People, hopefully they pay water