Does it have 2 electric meters?  

@Enrique Saucedo, I did a substantial amount of remodeling on all of the units.The first 7 units, in Mountain View had essentially the same level of work: New flooring, new oak kitchen cabinets, new granite counter tops, new appliances, new toilets, new tile, grounding of electrical outlets, sheet rock, paint, new fixtures.

Chris T.While we are not flippers, we do use a similar approach by purchasing tired properties and forcing appreciation: it is just rehab-n-hold as opposed to rehab-n-sell.When we are carrying out a deep retrofit on a newly acquired property, we will put a sign in the yard advertising another "modern, heathy and energy efficient home in the making"  with an indication of when it will be available for rent.We typically have the units rented before the renovation is complete.

Anyway, if you really want to get in it can happen, just going to take time and energy.

New electrical, plumbing, HVAC, insulation, drywall, floors, kitchens, baths, the list could go on forever!  

First, i would not furnish the places, it will probably get trashed, let them get there own furnishings and make sure that the lease says they must remove them from the property when they leave. i would have them pay for utilities, to an extent - have them pay for electric, supply the heat but give them an allowance for certain amount of months ( especially if you have older furnaces and they run on oil heat ) if they go over then you charge them for it. i converted mine to gas with new furnaces, i include heat in mine, but i control the thermostat ( online, thermostat is locked at the house ). i also provide water / sewer and free internet.

.- Since 2002, experience in SFH purchase, buy and hold, remodeling, property management.What gets me going:- Folks with track record in apartment investing to check out my financial model on this deal- Local Chicago Team with proven track record in apartment: contractor /inspector (subcontractor - plumbing, electrical, roof, exterior, interior upgrading), property managementThank You!

Everyone knows electric heat is trouble.

The inside layout was not friendly, both the 1st and 2nd floors needed a complete rehab, electric, plumbing, layout - EVERYTHING.  

In my case, the required work was the plumbing, HVAC and electric.