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.

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

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.

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.

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

Personally, I'd pay with cash or utilize hard money and obviously the market in Memphis is very different than in Phoenix, but I don't think there's any way investors could get something for that much out of pocket down here haha.

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

Obviously you need to take into account tenant landlord laws, if you are investing in Middle America it seems to me that there are many opportunities for double digit cash on cash returns.

You can ask the rents as well as other details on the listing such as utilities, amenities, etc...