RE losses are there to make you hold ground and tread water tax wise and limit your income tax liability *from the RE business*, so you eventually pay capital gains (long term) at sale or even better, 1031 into something else without paying any capital gains then.

Latchel diagnoses if it is an actual emergency or not, we troubleshoot with real property managers over the phone, and only send out contractors if it is required to fix the emergency.It protects you 24/7 for emergency maintenance issues and can help stop toilet overflows, burst pipes, etc from becoming severe property damage.

HOA dues are around $315/month and that includes water and utilities. 

Almost all new plumbing plus a new larger water main.

That's exactly what I was thinking, but definitely wanted to check before I got in any hot water.

I’ll review financials from the current owner but assuming the tenants pay water/electricity shouldn’t I be able to use the math above?

I was told that attorneys working on contingency prefer cases where damages run in the millions, like a business exec being killed, rather than damages in the range of hundreds of thousands where the victim is only a student with no children.Oh, you mentioned an LLC.

I would jump in now.. the water is always warm.

You are definitely safer with a condo townhome or newer property because less likely to have water issues, structural issues. 

Lately I am putting laminated wood or ceramic in all my rentals sometimes I will put carpet in a bedroom but never in living room.... too much damage occurs in the living area