It may seem counter intuitive, but the basics of real estate mentioned above are actually MUCH more important for long term success than the knowledge of any one technique or strategy. 

Shut the water off at the street so you don't come back to any burst pipes (unless you need it for irrigation). 

The way we counter those numbers to make it a great deal in Phoenix is to buy off market and take over the existing 3% financing.

Mainly you're responsible for the sewer bill and to provide heat and hot water, but not things like air conditioning.If this was winter, I'd be concerned about pipes freezing if the relationship isn't going well, but a 10 year tenant probably won't let that happen.I don't really know about the downsides of not having a lease. 

The renovation is significant (flooring, counters, heating, upgrading the bathrooms, etc.), but not a complete remodel (not adding or expanding structures).

Compete with new constructions with upgraded as granite or Quartz counter tops, central air and heat,and in unit laundry.

Check out the zoning by going to the counter yourself.

A few counter points.1.  

I am wondering if I should keep the water meters in my name and get rid of one water meter and let each meter service 2 apartments? It costs 75 dollars a month even if you dont use any water! How far would one water m...

However one thing I didn't anticipate was, while the aged sewer line could easily hand two people living in the property, when my tenants moved in and when the load on the sewer system went to five people, it couldn't keep up.Turns out the line had been damaged over time (orangeburg pipe) and was too narrow, so I had to pay to get it replaced.