A HELOC on your residence can be a useful tool in real estate but I would certainly be cautious about using that up since that is what could keep your head above water in a financial crisis in either your personal or REI lives.Play out some "what if" scenarios. ie, What if someone loses their job?

I've read before on here about having a plumber come out to do a pressure test on the water/gas lines and electricians bringing out generators to test electrical.

Investment Info:Small multi-family (2-4 units) fix & flip investment in Jamaica Plain.

@Dakota Evans no hoa or water fees?

A tenant recently let me know that they observed an oddly high water bill. 

You're working really hard to rationalize your profit.Again, the way to move forward is to run this by your broker - and maybe even by your local Realtor's board's legal counsel to be safe (assuming they'll answer that sort of thing - they may not)  If I were your broker (and I'm not), I'd want a very plainly worded letter, drafted by your attorney, signed and notarized by the Personal Representative of the estate and all of the heirs that the fair market value of the property is $100,000 and they are willing to accept $60,000 as a means of selling it quickly, and that they explicitly reject your recommendation of listing it on MLS for $80,000. 

@Ernes Sahic while you can certainly get lists surrounding pre-forclosures, short sales, probate, Evictions, Loan Mods, Tax Sales, Divorces, Hospital Liens, Code Violations, Appointment of Substitute Trustee, mechanics liens....I mean you can even get a list of people who had their water shut off....but I don't think there's any service out there that will provide a list based on if the property is a 2-4 unit property. 

Account ClosedThe closer you are to a $50,000 price point, the more likely, you want to be closer to the 2% rule than the 1% rule.Items like Maintenance, Capex, Vacancy don't take money out of your pocket every month.You budget for them though becuase you know eventuallyYour tenant will leaveYou will need to replace the water heaterYou will need to replace the roofAnother issue with Turn-key is that you are paying a premium.

I stopped the water but the water spilt over and leaked through the floor down to the first floor.

An informal rule of thumb I've found is that if two months rent is greater than property tax and insurance combined, the numbers usually work well.A couple random expenses I've had from my two properties since April (after tenant moved in):Central air issue, broken screen on screen door, lack of hot water in shower, clogged drain from toiletI'd be careful in renting to a friend.