I'd be surprised if the complex doesn't have individually metered units so you may be able to eliminate the utility expenses unless those are for common areas like walk ways, parking lot or laundry.

@Gene PanicciaManagement fees vary, but it's not uncommon for a PM to charge fees for managing tenant-paid utilities or coordinating repairs.

My partner and I keep an excel spreadsheet of rent, our purchases, utilities, taxes, insurance, and money spent on contractors.

Most hard money lenders require 10-20% down payment of the purchase price or total project cost.Holding Costs During Rehab: Yes, you'll need to cover carrying costs, including hard money interest, utilities, taxes, and insurance.

I plan to put a $600 utility cap in the lease.

Best of luck on your continued journey, HELOCS can be a great tool to utilize untapped equity in a house.

You can expect that you will be required to build roads, sidewalks, storm water control, utility taps, street lights, street trees as well as recreation fees as part of the development process. 

What have you been paying for utilities?

I had a project last year that a sub hit a conduit that was marked out and the utility made a claim many months later.

In many places there are some utilities provided by the municipality.