Another option would be to utilize a property manager to manage everything and keep a buffer between you and the tenants.

Personally, I'm in the growth phase so I'm still working to acquire more properties and utilize more leverage. 

In Chicago you request a CHA Burden sheet and that gross number minus utility allowance will be what you get in addition to making sure bedroom size is adequate.  

From experience with mechanical and utility issues in distressed properties, I would also wonder why the breakers were removed.

We decided I’d utilize an FHA loan to buy my first property.

@Kyle Trotman If you purchased with a hard money loan conventional lenders will require extensive seasoning to utilize the new appraised value for cash out. 

I am not sure about the other markets but I would suggest looking up a Realtor from here and utilizing their knowledge to help you. 

This includes all charges paid, utility accounts set up, renter's insurance established, lease signed, etc.

High ceiling looks great but increases your utility bill.

Specifically, I’d love to hear about best practices for managing shared spaces, screening tenants, and setting up house rules.Additionally, I plan to split the utilities among the tenants—any advice on how to handle this efficiently would be greatly appreciated!