Can fix the water damage in the basement yourself.

My suggestion would be to cap your utilities at a certain amount and have Tenants pay anything over that amount.That will help you manage your expenses, and also allow Tenants to gage their usage each month, and make adjustments if they don't want to go over the allotted amount.As far as collection, provide the bill showing any overages and just have them pay for it along with their rent. 

Its a small investment to try both as one deal pays for them for a good amount of time

I do have some investment experience and I'm currently managing 1 property, all the numbers are great and there's a good amount of cash flow and long term growth so I'm not a total green horn. 

If the deal is residential 1-4 units, I'd aim for 30-year fixed-rate debt. 

The amount of downpayment requirement insures buyers having "skin in the game". 

His goal is to get as much out of the property as possible and give me an opportunity to do my first fix and flip.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Here's an easy prompt for it:Please calculate how much I can afford for a duplex using FHA current guidelines of debt to income ratio, with one side being rented currently for "XXXX" amount.  

You will need to have the full amount you’re willing to pay.