:)As for LTR rental terms, usually we sign a 1 year lease where tenants are expected to pay Electric and Gas if applicable, while the owner typically pays water/sewer/trash with the city. 

Now the water issue is something.

The home was in rough shape—think mold, a hole in the roof, and years of water damage.

North of 25th gets into Plain Twp, and west of Whipple starts Perry Twp.  

However, i dont want him to be able to sue me for "the water heater isnt working" "the ac isnt working etc..."

Principal Paydown: $2,441 Total Gain: $58,317 ROI: 360.32% (on $16,185 upfront investment: 3.5% down payment of $8,715 + 3% closing costs of $7,470).Year 2 Analysis Cash Flow: -$752 Home Appreciation: $6,120 Principal Paydown: $2,617 Total Gain: $7,985 ROI: 49.34%.Year 3 Analysis Cash Flow: -$375 Home Appreciation: $6,242 Principal Paydown: $2,806 Total Gain: $8,674 ROI: 53.59%.Year 4 Analysis Cash Flow: $9 Home Appreciation: $6,367 Principal Paydown: $3,009 Total Gain: $9,386 ROI: 57.99%.Based on these numbers, you’d have negative cash flow for the first three years and only break even in Year 4, assuming a 2.5% annual rent increase.Adjusted Scenario see second picture: Landlord Covers Gas and WaterIn the second scenario, I assumed the landlord would pay for gas and water at $300/month while maintaining the same 2% home appreciation rate.

Licensed with permits ~$4,000.Full replacement of all water supply lines and shutoffs from the interior water meter with PEX and an open basement.  1 kitchen 1 bath 1 laundry. 

You may have a 1M policy, but 25K for mold limit.Cracked water pipe MAY be covered.

On some older properties where perhaps you have one water meter for 2-3-4 units or one gas meter for 2-3-4 units, or units that share hot water, something like that the owner might pay. 

Just starting out and testing waters for BRRR in Chicagoland area.Any advice or suggestions regarding this?