You're most likely responsible for the AC, water heater, and anything "inside the box" like plumbing, electrical, flooring, kitchens, and bathrooms.If you find a cash flowing condo, the only real concern in my opinion is shifting HOA management and fees.

I am looking at putting an offer in on a property in my town, it's a triplex that was originally a home converted into 3 units, built in 1920, with new roof, siding, water heaters, electrical and Plumbing. 

@Juan Jimenez We have done a lot of work on our own houses (3 in the past) and my husband is a master electrician/electrical engineer and I passed the general contractor exam (just haven't gotten my license yet as I haven't needed it) so I think we will be ok doing a little work on this first one.

Electricity would be paid by the tenants, but since it's in Knoxville, doesn't that mean they'd pay the water or would I?

I just sold a building in Westchester for $82,500 per unit and the building is a shell that needs electrical, plumbing, sprinklers, drywall and fire resistant stairs. 

There are contracts for the trades, electrical, plumbing, and mechanical.

They'll also want to know if you can handle the carrying costs like interest, electric, water, sewer, garbage, house insurance covering construction, etc, etc, while you're doing the renovation.

hi Jim Add me to your connections.My name is Raul Vargas I'm the owner of nogi electric in Mesa Arizona.

HOWEVER  ...... when I  sent a contractor over for a few minor violations (smoke detectors), electrical lights out..... 

In Long Island there are all kinds of companies leasing solar panels for exchange of buying electricity at a lower price from them.