I have a potential tenant who feels utilities should be included.

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? 

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

I currently have two tenants in a unit who pay separate utilities and rent under the same lease.

Investment Info:Single-family residence buy & hold investment in Orlando area.Currently under contract for a single family home that we will be utilizing as a short-term rental.

Hopefully your lease says something about utility bills being owed by the tenant - you should be able to make those "rents" by posting to the ledger.

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

The LTC/LTV is often very similar to the loans you likely utilized for flips but most lenders funding flip loans  don’t factor debt coverage ratio because the intent is to sell, not rent the home.

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.

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