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Hi Carlos:
I don't know a lot about water heaters, but I know a lot about troubleshooting.
First, you should establish exactly where the water is coming from. Is it leaking around the threads of the bypass valve or from the outlet of the valve, or maybe somewhere else entirely?
If it is coming out of the valve outlet and you have already replaced the valve then the possibilities are
1. The replacement valve was also defective (unlikely, but possible)
2. The pressure in the tank is greater than what the valve is rated for, so now you have to find out why. This usually comes from the addition of the mains pressure and the pressure caused by heat expansion of the water. According to the manual, the air gap in the tank is supposed to allow for that, so either (a) the heat expansion is too great because of too high temperature, or (b) the mains pressure is too great.
You mentioned that you have a water regulator. If it is one with a gauge, you could try setting the pressure into the trailer at a lower setting to see if this helps. The water pump in my trailer is rated at 2.5 Bar which is about 36PSI from memory. I set my regulator to about 40PSI because I had a problem with the non return valve in the pump getting jammed by the mains pressure. This is an easy path to a possible fix. If it doesn't work, it costs nothing and you move to the next possible causes.
If it's not the mains pressure causing too much expansion, then is it too much heat? As others have said, you can measure the temperature of the water coming out of the system to check that. If it's too high, then the thermostat is your culprit.
HTH
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