Current owner pays for water and electricity.

Park has well and septic (which I'm not a super big fan of).There are no immediate CAPEX that I need to worry about at this time (that I'm aware of).All tenants have been in the park for 5+ years.In regards to future upside opportunity, the park currently pays water (from the well) and trash for the park.

On September 4, our ground-level unit was subject to an immense amount of water damage from a burst hot water heater from the unit above us.

I dipped my toes in the water several years ago and made some costly mistakes.

River in Decatur have polluted the water so badly that it smells terrible and you can’t eat the fish from the River.

You will want to research your local and state laws to make sure it can be done, and how it has to be done so you don't get in hot water.  

Still need to budget for roof, appliances, hot water heater, hvac, etc.

Medium renovation, new paint inside and outside, new trim, new water heater, new cabinets, new shower, new flooring, replaced appliances with new/used.

Do I just put a lock on the nest thermostat an control the heat myself and deal with the tenants if its to hot or cold? 

As in, was this a cold call to offer you something you weren't otherwise looking for?