Chances are there is a leak somewhere, usually a toilet flapper.The thing that made this a no-brainer for us was several times tenants failed to report leaky toilets, and since we had no way to PROVE it was their leaky toilet that caused the entire high usage we ended up eating the bill. 

Just spent $3,400 on a gas leak at a property this month so I’m in the red for Feb. 

They had a water leak behind the kitchen sink and took the landlord almost a month to fix.

We also inspect every 6 months, look for leaks etc.

The JV docs would then obligate my retirement entity to cover my 50% of the debt payments (and opex and capex too), in the event that cash flow from the property ever falls short.Have any of you structured something like this with a retirement account as one of the partners?

As for the closing docs if you used a bank they is usually a document that allows them to correct / fix information w/out you resigning the docs. 

You will own the property outright in either your name or that of your entity.Like any other plain vanilla real estate loan, this will involve a note, mortgage, lenders title insurance, being named as a mortgagee on your hazard and liability insurance policy, a personal guarantee if you are borrowing through an entity, and several other docs and disclosures.To answer his question, his note would be secured by a recorded mortgage, and backed by your personal guarantee.

The previous owner had a gas leak so the local utility company, Washington gas, cut the line where it enters the house (not at the street).

Over the weekend there was a leak from the 2nd unit toilet.

Soil remediation for a leaking home oil tank can cost $35,000.If you are really concerned have it tested first.Banks aren't will to do much of anything.