Furthermore, water rights are very expensive in the front range, and regardless of transportation improvements, you are still going to have to buy the rights and then build the infrastructure to pipe water into all that space we have to the East. 

If the pipe is a common pipe that feeds several units, then the HOA will be responsible.

The pipes froze and the houses got trashed, while the banks sat there demanding loan value, which was over market price. 

Where homeowners would pretty much make you whole, less deductible, if you have, for example, a broken pipe, flood insurance coverage is much less.  

Turns out the drain pipe on the tub is leaking and the ceiling was just covered in mold.

If you would be a betting man I would say there is no exhaust fan in your bathroom.

I've got a pipe dream that maybe I can acquire it for about what is owed in taxes....am I delusional?

I guess what I'm trying to determine is do you ever re-visit you list of properties at a later date once you have exhausted the original set of opportunities from a list.

Getting rent on the first is a pipe dream, most people use the grace period.  

If a fuse blows and a spare isn't readily available it's all too easy for a tenant to stick something like a penny or piece of pipe in the panel and create a fire hazard.