Contact the utility provider and get a historical average based on the last year of use.

If you die while holding the property, it gets a stepped up value and all the gain is tax free.If rental the taxes can be deferred via a 1031 and if you die while holding it, it gets the stepped up bases with gain forgiven.Hopefully the numbers provide some example of possibilities. 

@Stefano Vrolijk it all depends on your credit history, whether you have an SSN/ ITIN and how much you can put down.

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

It separates your personal assets from your business, providing a safeguard if any legal issues arise related to tenants or the property.

This is basically a math problem that will depend on both you personal finances & also how much of this is an investment vs you want a nice house to live in4.

The one aspect I'd say where planning can really provide benefit however is with tax planning.  

You need to provide at least 30 day notice to a tenant that you will not be renewing in NY State.

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Both options have pros and cons, and the right choice depends on your lifestyle, experience, and long-term goals.