The other 2 option, provided there is a strategic reason to over pay would be to have the seller carry back that part of the loan for favorable terms to you as a buyer.Time is the best solution of this, it is better to walk away from a deal than over pay IMHO. 

@Dalton Dellinger obviously replacing the cast pipe is the best solution.

We now have to monitor weekly water usage on all our MF, Two weeks ago, one of the props water was turned off while little kids were playing on the front lawn.

The trick is to be very careful about what I say.As far as getting emotional, I've found the best solution is to simply not go there.

Perhaps some of the other bulging brain types around here can chime in for a creative solution?

@Randy EstrellaThere are VA renovation loans and this sounds like it would be a great solution for you with the least amount of money out of pocket.

@Jason Black,I use Easy Storage Solutions for 3 of my own properties and 5 that I am a minority partner in. 

While it is never "one size fits all" solution, it always comes down to doing your own due diligence and deciding what works best for you personally.

This is not really passive, as it will require up front work to learn the business and then some ongoing work to monitor your loans and foreclose on properties when your investors are unable to pay.2.

@PJ McLaughlin well, that's a bummer.When a utility stays with the property, the Landlord should monitor it to ensure payment.