I guess it's a gamble unless I can get inspectors and contractors to look, as well as the utilities turned on for due diligence.

The problem is that they are gambling and if they are inexperienced or under capitalized to meet the obligation in the event of problems... you end up having to foreclose to reacquire a property that is likely poorly maintenanced if not trashed.

We are currently looking at duplexes with 4br 2ba, and it seems that historical utilities combined for these if the owner pays are in the neighborhood of 300-400$ a month.It definitely is a gamble in Northeast Ohio to take the time to install additional meters to pass on the fees to the tenant, but you are right that if it means I have to lower rents to compensate its a wash on income and a negative on the expense I accrued due to metering.

That's kinda my plan, and is certainly 'gambling'.....

Otherwise you're literally just gambling, not investing. 

There may be other parties that have interest in the property, mortgages, liens, etc.Buying a property with these terms is gambling unless you've done your due diligence.

Land in our area doesn't come up very often, so its a gamble to just hold it and wait. 

These tend to be unsecured and/or to unsophisticated investors which, to me, is gambling.

So, it seems the gamble here is what other bidders will drive the price up to.  

If I was a gambling man, I would imagine they do Rookie again :)