The water come from Lake Yuno, and run into the Lake Chuzenji. Yu means hot water, but the water of the fall is not hot spring. Because there are many hot spring around the lake and fall, this fall was named hot water fall.
There are many hiking tours from Nikko station and Tokyo Station. It might be easy to visit here by joining the tour. There are many beautiful mountains and Senjogahara (戦場ヶ原), means battlefield, around this fall.
You can also enjoy flowers and autumn fall in this fall.
Also there are many ski sites around this fall. In the winter, this will be frozen up. It might be nice to visit combining skiing.