The bookkeeping system invoices Market Rent (whether actual invoices are sent to the residents or not) and the shortfall to Market Rent is charged against the invoice in the Vacancy P&L line. 

I assume when you say "provided a list" that you mean provided invoices and receipts for rehab or improvements.Also your comment "I didn't mean that you can depreciate the purchase".

It was apparently so entertaining he forgot to bill me, and I had to call the office a couple times to get an invoice.  

I didn't send a demand, claim, or invoice, it was an offer.

Now, I have taken this step I feel like I do not know a dang thing.

I have tenants pay $75 extra per month towards water and when I get the quarterly bill, I invoice them the balance which is due on with their next rent check.

If you're just buying the property with their money, well dang, anyone can do that. 

Hire your own repairpersons, fix the damage and then invoice the tenant.....just sayin'.

Then company B strength are tax reporting and creating invoicing.

If you "sub-meter", your house will still likely be a getting 1 utility bill from the city, then you will be responsible to distribute monthly invoices to your tenants via waterscope or something of the sort.