It is a valid concern @James Maness.  

In the winter its the gas bill for renters using the heated pool and in the summer its been the electric bill from the AC (just got one yesterday for July - $472!!!). 

You can certainly find good PMs in Columbus - and I would and do recommend my guys all day - but their time is valuable: asking them to drive out there for maintenance, showings, etc will either be a rejected ask or come with a $$expense for their time and gas that quickly scuttles deal economics2.

@Tom Gimer - a comment I want to add is I only buy notes which have title insurance and the sales contract from the seller also includes language that the note is a first position redeemable and valid note.

But that's a very different situation that he's trying to use to validate his situation.

Efficiency will be paramount with this property, especially considering that natural gas is not an option.  

I appreciate the response and you have a very valid point about the business partnership and making sure that we have everything ironed out and in writing before delving into this process. 

Tenant pays their own heat and Electric.asking price $265,000.00taxes $7500Unfortunately I don't know how much the water bill and gas bill are and don't know what the extent of the rehab for the remaining 2 units.Any advice, comment or replies to this thread will be greatly appreciated.

I have never been in a situation so grave to warrant cash-for-keys, but I think it is a valid path depending on what state you're in and the overall situation. 

Cap rates are extremely important, primary importance to me, especially since CoC is only of relevance for about a year, Once appreciation takes place and your principal payments are paying down a mortgage CoC is no longer valid and will likely only decrease over time.