I installed a hot water system in an old tent trailer in the 90's. The lines, both water and gas, had to go under the floor. We still have the trailer and nothing has leaked. I was a bit concerned about the exposed lines but, it would be an easy fix if one did get damaged.
Another issue will be winterizing such a system. You will have to use the pink stuff or use an air compressor to clear the lines. They won't drain very easily. I did not install low point drains so I had to be careful when winter set in.
2017 Toyota Tundra, Double Cab, 5.7L V8
2006 Airstream 25 FB SE
Equalizer Hitch