We have gutted the entire place, and because of the age (1989), are replacing every valve, electrical outlet, etc.Anyway, that's my sad sorry, and as much as I wish they would pay me for all the repairs I don't expect to see any money except that $600 deposit (already spent all of that on the dumpster).

Who ultimately gives the bank the power to foreclose?

They win the money, but not the mindset.My advice is read mindset books like Think and Grow Rich or Tony Robbins books such as Unlimited Power. 

Dan Powers - New Western Acquisitions

Then build MULTIPLE streams of income, the type of income where you earn even while you sleep, month after month, year after year.Top that off with the power of compound interest, the ability to leverage other people’s money and the multitude of other benefits of owning cash flowing real estate and it is easy to see why real estate is responsible for creating more millionaires than any other asset class.BUT (and this is a huge BUT)…many of these benefits are almost exclusively reserved to those who actually OWN (or at least control) the real estate.I’m sure others will have differing  opinions. 

A water heater runs about $400 for electric and probably $500 for gas. (40 gallon) and about that much more for installation.

Having the integration they offer (lease customization, for rent postings, tenant screening, collection of rents, etc.) seems like a powerful tool especially with the extremely nominal costs associated with each one.Has anyone used either (or both) options and if so, what has been your experience with them? 

Some pay electric only, landlord pays the rest.

We grounded all the outlets and replaced the 30 year old exterior electrical panel.

I own a beach house and I spent more than 20 K annually just on fixed overhead (tax insurance electricity water sewer and internet).