New to investing, and I have a complicated life with finances, here's a quick back ground, I have a corporation, and so I don't make much money personally due to divorce complications and children, and my corporation has been utilizing the tax benefits, so I am sorta shooting myself in the foot twice I already know, but I have bigger plans to make my life better just need options.  

I have had great success utilizing the same websites. 

Still, current projected rent is $3,200/month.Current owner (in keeping with the deferred maintenance theme) has very few financial records but does prove up the following actual numbers:-Property taxes, $1,900/year-Insurance, $2,320/year-Owner-paid utilities, $3,429/yearEstimated:-10% vacancy-10% management-15% for maintenance/repairs, and -Reserving $700/month for CAPEXBOTTOM LINE is $34,560 net rental income less $24,700 expenses = $9,900 NOI.Offered $95,000 with $10,000 reimbursed at closing for immediate CAPEX (roof and A/C units).  20% down, loan on balance ($76k) at 6% for 30 years.Cap rate with $400/month rents is 10.1%, cash ROI is 20.3%, and annual cash flow is $4,400. 

From there if you are Brrring you can do the work on the home (using the HELOC) and once work is done you could do a 'refinance' on the home as a conventional with 20% and pull out the remaining cash which is then used to pay off the HELOC you used to get into the property.Once again this is tact I have read up on but have not personally utilized yet.

If that's the case then you have $2K for insurance, break/fix, utilities (almost certainly water), landscaping, etc.  

It is not illegal to raise rent to cover increased utility usage so i would be very surprized if charging for water is illegal.

As far as the individual expenses go (excluding utilities) I start with 8.34% or $187.65 (one month rent) for Vacancy. 

I am planning to utilize hard money to roll in $200k (plus the remainder to purchase it) to completely revamp the exterior of all units and renovate 9 of them.

Near term we are looking to move into buy and holds, utilizing the BRRRR strategy, in and around Indiana, particularly the greater Indianapolis area.

It's a little bit more work, I pay the utilities and rebill the tenant.