Without proper permits, there’s a chance the city may request you to revert any non-compliant additions (like the extra bathroom) to align with code standards.When it comes to refinancing, banks tend to look closely at the property’s legal compliance.

Currently landlord pays for all utilities, is a system/product/device that can be installed to the water meter that tracks the usage of water through each unit so I would be able to bill the tenants separately?

@Tyler Condon, it isn't proper but people do make side deals where the parties exchange money separate of the closing but at the closing table.

The other thing I often see is that over time, different homeowners/contractors have decided to DYI adjustments to their home aka took out walls, didn't shore things up properly, put in new doors, etc.My point is that what you are seeing is not abnormal for older homes. 

It’s fantastic that you're interested in exploring real estate as a way to use your free time productively.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

., smoke detectors, proper handrails).

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.  

Being surrounded by like minded individuals, whom are at all levels of their RE journey, is amazing and you can learn so much from all of them.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

As long as its renovated PROPERLY and tenants are screened all should be good.