If we can find one with a thermostat.

Often times tenants are not mindful of being efficient with utilities, dressing up or down rather than keeping the thermostat set.

I had a flip a little larger than that, two stories that previously had radiators, where new ductwork was installed (both upstairs and down), returns were installed (again both upstairs and down), thermostat, AC electric disconnect installed, plus gas furnace and compressor - all that for around $7K.Regarding splitting profits - first you have to both agree on what will be considered allowed expenses!

Property Manager Someone who appears to be doing 100% of the work for 5% of the money while skimming 90% of the profits.AC Repairman someone who honestly , sincerely, truely, believes that it is cheaper to replace the unit than to replace the thermostat.

You'll need new circuit breakers, and you'll need a thermostat for each one.

Hi, if you're willing to put up with complaints, you can install pe-set thermostats or use the plastic boxes used in commercial buildings, but then if you use the box, your tenants will probably figure out to get the air on, just blow on it, to get the heat on, set a fan on the floor blowing up!

Many offices and stores have them to keep their staff from playing with the thermostats.

I'd be willing to bet you can replace the elements, the anode rod, the t&p valve (safety valve), and the thermostat(s), for all under $100, and have basically a new water heater.

If each unit has its own thermostat it is likely plumbed separate and will require minimal re-plumbing.

If you're on a sq ft basis, you might look into some thermostats that the tenant can't easily adjust, like in a commercial building with those plastic enclosures.