New Three Unit with Odd Utility Setup, Metering?

[Jim Bryant]

So folks I just bought my first multi-family.  It's a 3 unit, but has an odd utility setup.  It has 2 furnaces and 2 water heaters and an odd set up.  So Apartment A is on its own system and they pay everything themselves.  Apartments B and C share the same grid and the old landlord was splitting the electricity bill 2/3 and 1/3 between them and paying their water bill.  

This system seems hopelessly involved and given the fact that we don't live locally puts too much active involvement on our shoulders as well as "check-writing" which is always a mess (we use  an online service to collect rent).  Water as well, we've never  paid water, but I imagine that it can cut into profits pretty well.  I suppose we'll have to request the average cost to see if it's worth worrying about.  

So has anyone ever had meters put in?  How much did it cost?  I imagine having meters installed, for water as well, will save money over the long term.  I guess I'll have to keep with the legacy "system" for at least the first few months.  

I have also read about "submeters", does anyone have experience with using them?  Do they work pretty well?