You could easily be $100k in for water/gas/power/sewer if you’re talking 4+ lots. 

I'm sure most of us don't say our rentals come with a furnace and hot water tank, but they do and they are not to be removed.

I underestimated utilities in my early years, so I ensure those are properly captured (electricity, gas, water and trash).

I am a bit concerned about water long term in AZ and NV. 

A law degree does not mean you know anything re wraps.If worse comes to worse, you can stop the foreclosure with legal action - it costs some but you will not lose your equity.I would not throw the baby out with the bath water re doing wraps and I do hope all works out for you.Reach out if you need a referral to a good AZ attorney to helpBe careful out there guysAlan Not to be too blunt, but you are handing bullets to a six year old with a gun.

I ASSUME you’re talking $400+ in extra expenses for providing water, power, sewer, gas, internet, communal area cleaning, and exterior maintenance.

The property has 2 electric meters and one water meter.

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

The other thing could be tracking what you have had come up on the last 5-10 projects after closing, i.e. the water heater was at the end of life when we bought the last 6 out of the last 10 properties.

As a lender I can tell you that argument holds no water.