It cuts out or at least cuts down the haggling over As Is and AR values. 

Then you get fined, your timelines get extended, and they don't cut you an inch of slack in future interactions.This list of risks is FAR from exhaustive.

No short cut around this just have to get busy meeting folks!

Would it be smart to invest in water smart faucets, showers, and such to cut expenses or is that weird for a AirBNB?

When they cut back some, I cut back some. 

;) No real reason to cut corners for me, I'm focused on stability over cash flow. 

The HMLs that I've reached out to are ok with it being your first deal, you just need to have a good working knowledge of your market and clear cut goals (i.e. exit strategy). 

Of course, I will not contract with them for such rates - I can rent it on the open market for much more.Has anyone seen that the housing authority has cut what it will allow for a unit in New Britain or surrounding areas?

An app just wont cut it.

YUP only the water company takes meters I don't think crooks find any value in them .. but I could be wrong in the tough areas of the US you would be surprised what crooks take.. its more common though for tenants to cut the main line to the meter put a hose on it and then connect to the line coming into the house. that works for a month or two before the water company figures out their water is being jacked.