For wood floors, steam clean them and put on rejuvanate (about $16/qt at home depot) which lasts about 6 months or mop and glow (which lasts about a week) to make them clean and shiny, if you really can't afford to have them sanded.  

I agree with @Rhett Tullis and @Arlan PotterWater should be no different than gas and electric. 

Once we started construction, we ran into several major problems including a steam pipe running through a kitchen wall that we were planning to open up, a huge leak inside a couple of walls that required the replacing of a whole exterior wall, damaged subfloors, major termite damage that resulted in a replacement of the sill plate in the master bedroom, needing to upgrade full electrical service (and split it into two separate panels) and a corroded water line that required emergency replacement all the way to the street in the middle of winter during record setting cold temps and a snow storm.

Technically if you have a decent sized upstairs you can turn your basement into one with a small amount of plumbing and electrical work.  

If you buy at a tax sale the title is clean but for IRS and sometimes back taxes on the propertys.  

They cover major issues with plumbing and electrical too.Cons: Cost to cover major things in your household is about $635 per year.

I expect to spend another $3k to clean up the other unit once it's empty.  

^i second that.but if u keep a bird in ur hand too long, it gonna pee and poop up a stenchwanna be left clean and empty handed?

You can't demo the property (I.E. clean up ANYTHING) until you have certifications that there isn't asbestos.

We actually beat a higher priced offer due to our clean bid through the MLS.