I utilized a Fannie Mae 5% loan to purchase the property.

You should have a clear understanding of property tax rates, insurance costs, repair costs, utilities, landscaping etc.Any buyer must develop their own proforma and that is what should be relied on.

Have you considered the potential of utilizing the "asset island" method for primary ownership of properties, and than via NNN master lease to individual operating LLC's for business monetization use? 

A growing number of my clients have been utilizing this niche of protection.

Is it legal in Oneida County in Upstate NY to charge tenants a flat rate for utilities?

@Ben Trageser I am not in Rhode Island though but happy to utilize my network to help you

S8 will include utilities in the rent payments to the landlord, BUT ONLY UP TO A CERTAIN AMOUNT.

-The water lines don't bother me because I know that is a utility room.This is also me being overly critical.

We started with $1MM of our own capital, and have since grown to about $25MM through raising private money and utilizing bank lines of credit.

First, create a Post-Closing Occupancy Agreement that clearly states when the seller needs to move out, any rent or fees they'll need to pay during their stay, and what their responsibilities are regarding utilities and maintenance.