Also, I expect to outperform over the long term with repairs too due to the fact there is no central heating and air currently.

A common big expense is undetected collapsed sewer connection in older buildings, roof of course, AC & Heat, increase in property taxes, and on and on.If the presidency changes hands, taxes and regulation are promised to escalate & I don't think your cash flow is sufficient to deal with it.

Maybe some element of timing, such as having x# of days/months to change categories, terminology?

Here is a wood fired heat exchanger that I made for my outdoor hot tub. 

Plan on HVAC too as most cities will require a permanent heat and/or cooling source depending on your locale for the electric permit.

We did the required heat treatment and waiting period but were out 4+ weeks of revenue in our busiest time. 

Hello BiggerPockets Community,I am working on a renovation project to replace a central heating plant with decentralized heating, cooling and domestic hot water and would love to hear about other people’s experience with this type of project.The building has 15 one-bedroom apartments and is located in Connecticut (climate zone 5).

Some general info on insuring the property:Here are some things to look for from an Insurance prospective:1.Any in-ground tanks (active or inactive)2.Any Knob & Tube or Aluminum Wiring3.If built before 1978, does the building have Lead Safe certifications4.Any wood stoves or secondary heating units.

I upgraded the 3rd floor heating system from an old steam radiator to a forced hot air system.

I'll keep it short:We put a used stove in a tenant's unit.Tenant complains the stove will not heat to more than 350 degrees.We decide to send a repairman over because these tenants have been high maintenance and we want to minimize contact with them beyond what is necessary for our immediate response.