If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

Cash-flow is for "keeping the lights on" as in covering operational expenses to defend against any need for additional capital investment. 

I currently don’t have the financial ability to invest additional funds into it.

A little background about me, I have just over 200 doors in my current portfolio and our company manages just over 250 doors for third party investors in addition to those. 

I wouldn't suggest you buy a single-family home to live in because the additional cost outweighs the benefits.

As JD said, the tenant must list the landlord as "additional interest" on the policy.

In addition, I presented his was not the usual use case because he was unleveraged.  

Please keep pushing and sharing your progress. we are enjoying seeing your success in addition to learning how to pursue and analyze deals in different market sectors before blindly buying and learning the hard way.

Quote from @Kyle Schachsieck: Thank you all for the information and additional resources!

Ask one additional question you "forgot" to ask at the meeting.Scan and toss any relevant business cards you picked up.Never feel pressured at these meetings.