Look at the ceiling and see if there are any water spots or cracking5.  

I called the field service company that is maintaining the property to get access for inspection and found out that the instant hot water heater, according to their own reports, is likely bad.  

So far, my expenses include the following:- Property Taxes: 1.25% of purchase price- Rental Insurance: 0.5% of purchase price- Management Fees: 10% of gross rent- Vacancy Rate: 10% of gross rent- Repairs & Capex: 10% of gross rent- Utilities: (garbage, sewer, water): 10% of gross rent- Mortgage: 30 year with 20% down paymentWith these assumption, I get negative cash flow in my area.  

all these old houses have the same issue. the wall is 2" deeper than the tub and you cant put tiles there to prevent drywall damage.you fix the drywall and it comes back. i am guessing the tub has a slight pitch and that's why the splashing water is rolling towards the outuside of the tub.see the picture.the corner guard is not helping, as you can seeanywhere to fix it?

I escrow taxes, insurance, and water estimates in the buyer's monthly payment.

Ive been having some difficulty comping out the piece of land as this particular property has all utilities already set for the property ( water, sewer(not septic) and electric) and most of the land properties do not have this, does anyone know how much it generally costs to get these items set up?

I recently read a report that might take place sooner than expected due to Southern Water Demands.  

Otherwise your underwater and dead in the water.

Its on the water with a dock pool 3.5 acres 4000sq ft etc.

We are now managing a 4 unit investment property in Oak Park IL for a family member.After their unexpected passing we found that there was a reverse mortgage on it.Property fair market value is about $335K with foreclosing Lenders estimate of $495K.The lender started foreclosure process, but we want to keep the property either to keep it as an investment property ($41.7K rent -$10K taxes -water), or sell in the future when prices pick up.With the current market we cant get a fair shake on the price, and we had some funny low ball offers from people/investors wanting to take advantage of the situation.We are looking to either partner with someone knowledgeable and split up the units and future rent profits, or loan $285,000 cash in exchange for a 30% percent stake of the home's future appreciation.What would be a better sounding offer to you as an investor?