I have contemplated the idea that maybe there was a leak and that's why the bills were so high. 

I own two homes, one of which is my primary residence, and the other being an investment property, currently being occupied by my parents. They have been paying us a minimal amount of rent over the past 2 years, while...

@Dimitri PaspalarisHi Dimitri - I've been contemplating doing the same. 

However, I still would like to contemplate my other options. 

It looks more expensive than what you're contemplating, and you'll need natural gas(though some work on propane,) here's an example:Combi Boiler

I recently was preapproved for a 500k loan and contemplating on whether i should expand my portfolio to acquire more units out in Allentown where i bought my first property, where prices are much lower, or focus on finding a 2/3 unit in NY i can house hack to move in with my girlfriend and build equity in the fast appreciating market of the Bronx.

I'm mostly trying very hard to contemplate what the effects on the RE industry are going to be in the next downturn or stagnation, that's all.  

I also not see someone buying a newly constructed duplex (even 10 years old) and contemplating a partial gut renovation (at least removal of one kitchen and possibly repurposing a second living area).  

It is something I am contemplating because my search for a 3-4 Unit is long and tedious

Is it all on the line, reputation, results, you bet.If you are contemplating raising capital as a critical role in a GP or sponsoring deals or syndicating deals and selecting operators, you need to have an attorney trained in SEC and your state laws to understand what you can do.