Hey Christian, I am a born and raised Charlottean and having great success for my investors and I In the Submarkets of Charlotte.

Ensure you have a clear agreement in place to avoid potential issues.Real estate crowdfunding platforms, such as GoFundMe or Kickstarter, can also be used to raise funds for a down payment.

I am thinking of converting it to a regular apartment so rents can be raised easier and increase the sale price in 2-3 years. 

This could be an individual person willing to give you money, or a private bank, or an organization or business of some sort.The long answer is much longer and if you're interested in diving into the topic here's a few resources I can recommend:These are two great books (also available as audio books and e-books) that go over the fundamentals of what private lending are, what it means to raise capital, how to find deals to buy with private capital, and a lot more.

A non-resident alien for tax purposes is a person who is not a U.S. citizen and who does not meet either the “green card” or the “substantial presence” test as described in IRS Publication 519, U.S.

There is a a little room to raise rents also ($800).

Lastly, simply raising the rent to cover the water bill seems like the easiest, however, should their portion of the bill exceed the amount I increase their rent by, then it'd be out of my pocket.I'm kind of at a crossroads here with making a decision and want to hear anyone's experience regarding the topic.

Demoed the whole house except one wall added 3 extra bedrooms 2 bathrooms customer fixers raised ceilings a pool and many more details.

Renewing and raising rents up to market rate in the area.

@Carol DonaldsonThe concerns you raised are par for the course when buying wholesale real estate.