One of my tenants just sent me a txt letting me know that water is leaking from the ceiling.

Reconciling four different utilities (elec/water/gas/internet) whose bills arrive at four different times and pro-rating all that for different move-in/out dates is a real drag, as is collecting small amounts from multiple housemates.

Make sure the basement is free from water seepage.  

However if it's a solid brick construction with updated plumbing, HVAC, electrical, newer water heaters, etc. then the age wouldn't scare me. 

There is no city water.

There were many "surprises" throughout the project that caused us to have to pivot and make adjustments to our plan, the largest of which was discovering major water damage caused by a fire that the sellers had conveniently neglected to tell us about.

The flip side is that there are more expenses with a multi-family property, such as water/sewer/trash (can be billed back to tenants on new leases), landscaping, maintenance, and capex x4 units (4 air-conditioners, 4 hot water heaters, 4 kitchens, 4-8 bathrooms, etc).

If you do, you most likely will end up in shackles and hand cuffs, especially if you are dealing with non-accredited investors as right off the bat stating you have not bought a note will get you in a lot of hot water. 1.

Same with water, sewer, and trash services, which is often managed by the local government.And if such a law would pass it would be my time to sell the rentals and invest in something else.

He'll sprinkle holy water in the corners and read prayers, ask him to accept $50 afterwards.