As a buy and hold real estate investor, can you charge a tenant for repairs if they do not take precautions during a freeze by opening cabinet doors, letting water drip, covering outdoor spigots etc. which cause pipes to burst?

The deal has to be good, at least by your standards, experienced or not. 

Just make sure you know how much life your water heater and HVAC have left and that you’ll have the cash or a home warranty to replace those items when they go.

So you need to really know what your doing in the case of a water landing..

This will also allow me to maximize more space for the kitchen as we would be able to relocate the water heater and W/D.

Hi again @Sara Taslitt, you can find some pretty good standard leases on the internet but Massachusetts is very particular with their laws so I think it is worth it to hire a good attorney to provide a lease for you.

It may not come to that, but since this is your first property I would suggest you go through an attorney anyway, even if it's month to month and it just comes down to sending the notice of termination.When I take over a building I also send or deliver a standard "takeover" or "welcome" letter to introduce myself as property manager and let the tenants know the answers to their two main questions: 1) who do I call/contact when I have a maintenance/repair request, and 2) how/where do I pay rent.Then (if the letters were mailed or delivered without meeting the tenants), I follow it up with an in-person meeting to introduce myself and answer any questions they may have.Usually the main question they have, whether they ask it or not, is whether I plan to raise the rent.

If water/sewage, what is the typical monthly bill(s)? 

Hi @Garen LafserI'm sure you could find some relatively standard ones on google or the forums here on BP, but usually the attorney's will draft up the PSA after an LOI has been ratified. 

And the well will likely need to be fracked in order to increase the water in it, again, not sure of the price of that, but it doesn’t sound cheap and it doesn’t really add any value.