I've considered it but have not executed.In regards to the heloc if I understand things correctly you will not be able to take out a heloc on a investment property but simply a loc or a blanket/commercial loan depending on the financial institution you decide to approach with the situation.

I'm sure it toughened you both up after that brutal commute & temp living situation with the parents :) 

@Amber TurnerThen you have the choice of going Freddie, or Fannie, whichever is more advantageous, if needed.Reminder that retirement accounts can be used for reserves, at 60% of value.Below is particular to your situation as you described it...Fannie:4% of unpaid principal balance for non-subject property investment properties.6 months of PITI for subject property. 

Having said that, I do not believe a Q&A back and forth on this site would accomplish that simply because your situation, while accomplishable, is very fact intensive. 

Good contractors can be hard to find.Here is my advice.I have had great luck finding them at our local real estate investor meet up group.I agree building supply centres can also be a good source.In my experience it is easier to find people to do a big job, rather than small ones.What I have done is formed relationships, where I give them a good big contract and in return they do the small stuff for me.I also have a couple of handyman type people on my team.They are usually doing repairs on the side, often for cash under the table.I only trust the small guys with minor stuff, maybe laying a floor, or replacing a toilet.The key is to build a solid team, do not nickel and dime them, pay them as soon as the work is done.Build a win win situation.

Like in my situation I got great credit as I handle my money well which is a bonus for the seller but I don't have much cash which would work in my favor.

An exception for water may be a duplex situation where there might be one meter for two units and thus the landlord MIGHT keep the water in their name and bill the tenants.Cost of trash pickup is dependent on the particular area (we pay for it as it is added to your yearly taxes).Utility responsibilities are discussed with applicants during their walk through. 

That question is kind of hard to answer with no knowledge of your funding situation.  

Here's my situation.

@Drew McLaren  there is some exponential component on larger loans as you state howeverhere is how I looked at it over the 30 years of loaning hard money.IF your in a foreclosure situation.. the value of your collateral is generally not what it was when you started the loan..