- Usually a 5 unit with a boiler means that all the units share the boiler heating system.Which specific utilities in which units are paid by tenants vs shared?

I can pay utilities, insurance, and other holding fees but I won't have enough to pay other cost like listed above.

The first apartments I rented as the owner, were previously rented by the former owner at $150 month including utilities. 

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.

Additionally, do you all generally use a smaller income criteria if the rent is inclusive of utilities? 

Personally I like the Section 8 program when the property is located in a super poor area with a ton of blight and crime.

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.

It worked out well, but not without its challenges, and I learned a ton along the way.How to find a partner: Meetups and forums like this are great places to start.

The benefit to these is you get your foot into the door without a ton of capital and as time goes you can move out and cashflow on the property.

We have helped a ton of clients with the process here in Chicago..just be sure to find a team (Agent, Lender, HUD Consultant, and General Contractor) that has done these renovation loans in the past!