Do most of them include the utilities in the monthly fees?

Over all, a portfolio of DIVERSIFIED (as to residential areas) properties utilizing a buy and hold strategy should provide an adequate risk adjusted return without utilizing any other “opportunistic” strategies to “gig” the ROI.  

Well, do they have a job to pay that extra $200 plus utilities per month?  

@Pretty Khare As Ruben and John mentioned above, you can utilize a cost segregation study on your STR property to reduce taxable income (or create a taxable loss) to offset against your W2 income, but you need to ensure you are following the IRS guidelines very carefully.

For example, temporarily stopping utilities to their unit during a repair or if there will be loud noise or a major renovation on the premises. 

Please provide a forwarding address prior to moving out, and be sure to cancel/transfer any utilities out of your name by the move out date.

Utilizing this strategy with FHA or Conventional loan products.Although sometimes the 4 units can be hard to find sometimes you can compromise and find maybe a 2 unit or 3 unit with 4 units.

After getting a good amount of equity in the house for future HELOC funding, I was going to move out of it and use the property as a rental utilizing a lease option, or, rent to own agreement. 

Unique features like land and outdoor amenities can add value, and utilities can increase rent.

I usually suggest to my clients the equivalent of 3 months’ rent held in escrow and double the daily rent rate to be charged in the rent-back agreement starting after agreed upon move-out date if they are not out, with seller maintaining all utilities and repairs on appliances and systems until move out, especially if you’re planning to renovate, anyway.