My big bold move was to rent them at $150 month with tenants paying for heat and electric. 

My hunch is that's $85K for the garage itself before plans, permits, engineering, sewer line, electrical panel, etc. 

A year ago I recently purchased my first multi family to house hack and I rant into a issue when the seller paid for a electrical upgrade to the home.

Get pictures of every room, the electrical breaker box, water heater, furnace, each side of the house, the roof, the basement if there is one, inside and outside of the garage if there is one etc.If the seller doesn’t want you to come do a walk-through and take pictures due to concerns over COVID-19, then have the seller take pictures and send them to you.

Each of the 5 warehouses on this campus will require updates (construction of offices/bathrooms, roof repairs, paint, siding repairs, new penetrations for doors, updates to electrical, insulation, and extension of water and sewer). 

Did nobody ever stop and say "oh, hey, maybe we should keep water pumps going because, ya know, no electricity no water pumping, NO WATER". 

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

Ideally you have not replaced roof, hvac, flooring, kitchen, bathroom, fencing, windows, foundation repairs, hard scape repairs, electrical, plumbing, etc.  

An example of that is tenant must pay for additional electric over flat fee / flat limit since now there is 2 occupants in the home instead of originally one.

Community water, and electric are at the street.