Any ideas of what to do it would cost around maybe 30k to fix up and  add well (to far for public water) and septic .

. :)You will need a degreaser, Dawn and hot water is excellent, gloves, a bucket, cleaning cloths, and a lot of elbow grease.

It allows you to put a stack anywhere you have electric and water.

I am wondering if I should keep the water meters in my name and get rid of one water meter and let each meter service 2 apartments?

There are individual a/c,heating, gas/electric, shared water, units and each unit is individually privately owned.  2 stories, no elevator.   

Mainly you're responsible for the sewer bill and to provide heat and hot water, but not things like air conditioning.If this was winter, I'd be concerned about pipes freezing if the relationship isn't going well, but a 10 year tenant probably won't let that happen.I don't really know about the downsides of not having a lease. 

We are active in Waveland, Bay St Louis, Pass Christian, Long Beach, Ocean Springs, Gautier, Pascagoula, and Moss Point (and possibly other water front towns near these locations).As I'm sure most are, I would be interested in speaking with other investors in the area, and would even possibly be open to the idea of partnering for a property or two with the right individual/team. 

My rental property’s water comes from a community well which a neighbor owns.

Good way to test the waters of an area to purchase homes in before committing to buying property there on your ownCons:1.

What is the infrastructure story (do they have water/sewer/power to support growth)?