I can qualify for the FHA loan, however, as previously stated, I am looking to utilize my first home as an investment.

Ohio, Indianapolis, Missouri, Alabama, Pennsylvania etc....Irrelevant of which specific market you choose some best practices you should utilize are as follows...

Simply tell him or her the truth, if you don’t get expenses down you will have to terminate them and self manage or sell.Utilize utility bill back.  

They’re currently renting it for $750 and they pay their own utilities.

I usually figure 15% combined.What do you think it would cost to split out the utilities?

Rents are decent, but definitely low for what they could be.Any suggestions on how to utilize private money to do a BRRRR with a tenant in place???

Two things you need to ask about is the percentage of leverage the REIT utilizes and what other successful offerings the company has produced in the past. 

Here is what sticks out to meproperty taxes seem very low, try and verify on assessors website.always assume there are some repairs, even if its just cleaning carpet and mending a few drywall errors.i try and add in at least 1k-ishverify interest ratesmy local area is climbing to almost 4.5 and 5%closing costs as wellunless you have records of utility's guess higher then you would normallyHope this helps i cant really say more without knowing more.

As has been said, you past the cost on to the consumer, and raise the rent rate (while advertising that these utilities are included in the rent). 

But since I am currently living here I get the savings on utilities so that is worth it to me.