Pretty often no water, sewer, power or even roads to the property. 

By improvements I mean that there is power, water and sewer/septic installed and working.

But it should only be attorney cost, the deed and recording fees (few hundred) , maybe a final water cert.

Using an LLC and drafting an operating agreement ensures efficiency, outlines ownership, and resolves disputes.

It also has the benefit of being local which is great training wheels as you learn how to be a killer host.Now assuming that you mostly want a cool property to stay in sometimes near water and don't want to spend a ton of time managing I really like the outer banks in NC.

What type of MEP work are you putting into the design for getting the sewer, water, power, and internet (assuming you're not extending gas) to the inside of the building? 

You probably won't get distributions during hold.Syndications are generally tax-efficient, and Michael highlighted several key aspects.

Are there separate gas, electric and water meters for each apartment?

Bonus is I am getting new HVAC, Furnace and hot water tank. 

Labor/material are going to be different and need to factor that in4) new roof, new HVAC, new water heater, ac panel, replacing plumbing to PVCThese are very variable, if you are getting this from a licensed guy to do it and unlicensed.. is it a big shop or a local shop doing it, is the GC doing it they will put some money on the top so it will be more money5) framing (creating new bedrooms or baths)I would get all these quoted from a good couple of licensed guys and unlicensed to know your numbers to cents