I doubt the owner has the balls to pull that out.

Unfortunately you are never going to get a crystal ball as far as exact data to run your analysis.   

As a personal residence where you can build some equity, gain land lording experience, and live a little less expensively...sure, if you like the place.

I am sure he could rent a mobile home with land for the dogs in those towns.

Did long distance land lording lead you into long distance rehabbing?

@Mac L.If they are the old school gate type valves (they turn multiple items to open and close) they should be replaced with ball valves. (1/4 turn from full on to full off)You can probably get away with just doing the main house one (I almost always do these even if working) the rest are up to you.

The ball is in your court to do the research and to make a decision on the asset class.

So it sounds like the default is that it's likely normal wear & tear (or poor installation) and that I would need to pay for the tub replacement unless I can somehow prove they hit it with a hammer, dropped a bowling ball in there, etc...Separately, I can charge them for the water damage since they didn't notify me and have admitted in writing they knew for 4 months. 

First you will need to create a proposal complete with T-12 P&L and RR on your first 4 plex, then would need to show your design plans, zoning approvals and pro forma on the new 4 plex.

The institutional investors have switched to buying land and building new for their portfolios which tells me that they see a drop coming and are not placing capital until it does but they need to keep staff and deploy some money so their investors do not get mad that they are holding too much cash.