We received the new tenants move-in checklist from his agent and it states that water leaks from the ceiling when the tub is ran in the upstairs bathroom.

Instead, mix a solution 50/50 alcohol & water or vinegar and water.I'm in Calif and the house has a Western exposure w/o shade, so to reduce the heat load, we added a tint to the outer pane which reduces the light transmitted into the room.

Blake NeeSmith , I'm in Columbia, right near Spring Hill High.

The MH is occupied and is in a good location with a high demand for housing (Steamboat Springs , CO). 

The house is said to be worth about 370k and the house doesnt seem to have any problems with the water, AC, or heater.

If you're testing the waters, just buy adequate insurance to protect yourself until you have a proper legal structure.

I recently bought a strip center in City of Gray, GA which is basically vacant with only 1 tenant, but the water and sewer bill was around 600$ (the usage was well within the allowed 2000 gallons for the base charge).

Definitely need to understand that 10% of gross rents go to capital expenditures, 10% goes to maintenance, 10% needs to be included for future PM fees, 8.3% needs to be included for vacancy, and then pull all your numbers on the electric, gas, and water that you would be required to cover.  

For example: they may list a water leak as $1000 repair when it may be a $7 shut offInspections on HUD homes are costlier and it some cases not possible in some cases do to the inability to turn on utilities. 

However, that would be like going fishing and never casting your line in the water while expecting the fish to jump in the boat.