Check to see if there is a water stain on the attic side of the ceiling before doing any repair work.

If you are keeping this as a rental I'd factor in some repairs down the line, HVAC, water heater, etc.

Check with your building regs department and see if it is available to build on, some or most or all of it could be limited as green space, water retention, flood plain or other issues as it is built up all around the subject property.If it is available, you said it could be obtained cheaply, how would you know that....is it listed?

If I were to drop the day job I have some RE related business ideas that I'm dying to pursue.

Landlord will pay for a lot more than hot water (and water, I assume) and trash.

If you were going to put 20 units on 2 acres there would have to be another method of dealing with the waste.Also, drilling a well for that much use may trigger some water usage regulation concerning the water table.

Maintenance and utility expenses (Electric, Water, Landscaping, etc)5.

The area I purchased is landlocked, surrounding by water on all sides and is known as the peninsula.

Know your local building codes for things like GFI outlets, water heater tie-downs, etc.

I could have been in really hot water.