@Corey Law I feel as long as you have the authorization from the current owner then why not.

You will need to provide a letter of authorization for the tenant to manage the utility.  

From reading Millionaire Next Door awhile back, the author recommended total mortgage debt to be no more than double your annual income (pre-tax).I was close to this when purchasing our first home a couple of years ago.

the short answer is it’s determined by the Chicago Housing Authority.

Luz, a septic professional can tell you about the condition of your septic, but it is the local permittingn authority who determines whether the septic design is approved for 3 bedrooms. 

It's very possible that they determined they did not have legal authority to excercise a contract due to a problem with their transfer from the foreclosure having to be corrected/re-done.I would try to sit tight and make sure the listing agent knows you still want the property.

C/D areas seem good for cash flow but in reality evictions, limits on housing authority vouchers, and a more unstable tenant pool means the returns are almost never as good as they look on paper, unless you're a very experienced investor working in your own market (saving money on management fees).

Here's general info on the options-https://www.biggerpockets.com/renewsblog/2012/12/2...If you go the DIY route, there's that long-distance investing eBook that just came out on here recently (I forget the author...David someone?)

My tenants are not allowed to alter anything without my written authorization.  

Here, after meter installation,or one meter swapped out for another,  the utility does an inspection.The problem in NYC is there are too many illegal conversions, and the authorities, utilities, don't want to make it too easy for you.