Most DSCR programs will want you to have owned the property for more than 6 months to allow you to use appraised value instead of cost.

We are asking the current tenants to leave as the property is not in optimal condition we like to have our rentals and we would like to fix it up to increase value and rents.

That will increase your material costs for the job and is the contractor paying for the material in their bid or are you paying for it and paying them a labor cost.

I've done this on one house in order to cut costs - since then, I've added a meter with the utility company but it's a good workaround for the short term. 

If you haven't already, read "The Book on Estimating Rehab Costs" by J.

What the investor will have is a long term appreciating asset; that will provide an increasing cash flow as rental rates increase, and steady amortization as the note is paid down.  

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

A $107k NOI with a 43% expense ratio is impressive, even with rising costs like taxes, insurance, and utilities.

I did not want to spend 50K on doing separate meters for where I have my rentals it would cost me this much.

You should only be liable for tax on any appreciation since you inherited the rental (minus the cost of your improvements).