The water heater may be an issue. 30 gallon = 3500w 40 gallon = 4500 watt and 50 gallon = 5500w.
You don't want to use a 5500 watt genny at full power for a long period of time. I think the watt rating of a genny is over rated. Don't push them to their limits if you want them to last. IMHO, it's like the duty cycle on a welder. Just my opinion.
Making electricity with gasoline is about 7 times more expensive than buying electricity from the power company.
Operating an RV genny, 3500 watt, at half power will cost you about $1/hour for gas.
I know a guy who operated his 5500 watt genny for 3 days and it cost him over $100 in gas. OUCH
You may want to rethink making hot water with gasoline. Think more like camping out and taking a sponge path. Make hot water in an electric roaster pan or crock pot.
I made an energy management device for my 3500 watt RV honda china clone. All I want to power up is the well #1, coffee pot, hot plate #2, and refrig #3. When my well kicks on, all the power to #2 & #3 is turned off. When well stops #2 gets power and a few minutes later #3 ref is turned on.
I no more than got this device working and it got tested for 7 hours, lost power.
I like my 3500 watt champion RV genny, $300 at TSC, so much I purchased a second champion, 46565, from Home depot for $469. The second one has remote electric start, digital voltmeter, hour meter and frequency meter.
Besides considering how much it will cost you to operate, you may want to consider do you need the genny to be portable or stationary, and how noisy is it. I think you will find the champion is very quiet. I know others have complained how noisy their gennies are, especially the Briggs engine.
champion 46565