Hi,
My husband installed our tank less in about two days. He did this using a "how to" book, the instruction manual, and the internet. The install price was going to cost more than the unit it self!!
It is mounted outside, on the opposite side of the wall from were the old tank was. Doing that made it easiest for my husband not to have a lot of pipe work. If the new unit is far from the old unit you'll need gas pipe line, water line, etc. It will be a good idea to have a professional look at the unit after installation to make sure everything is done properly - we did.
The exterior tank less is great.
We have a piece of foam over some of the pipe work so none develops frost, in the event we have a night the weather is below freezing. I have never heard of my husband saying anything about draining it.
The only maintenance that I know of is, if your power goes out you may have to press power on the control panel to get hot water again - very simple. It does take a couple seconds to run really hot water from a faucet far away from the tank.
For example, if you have a large house and you want hot hot water for a bath in the bathroom far away from the tank you will likely have to let the hot water run for a few seconds before it will be truly really hot hot. This is because there is water still in the pipes between the water heater and your bathroom that has to be flushed out and the new water needs a couple seconds to become hot to the degree that you want.
For us, we love this. We always set our sons' bath time temp to his desired temperature and put the water on full hot - (no water out of the cold faucet)... and the water is always no hotter or colder than what we selected on the water heater control panel.
Same in the back yard for sprinkler fun, or plastic pool days. You can hook up a garden hose to your tank less or just... fill desired warm water in pool and you're all set.
No chattery teeth. :)
Good Luck!