There were multiple times when I was living there during the four years that there was a water leak and caused damage to the apartment and dampened the carpet.

I had a 800k house in Washington county. which was on septic and private water tax's were 6k a year total.. not bad.

I'm assuming I should call now to get the utilities(water/sewer) in my company name with an expected start date.

If possible get one on town water and sewer, underground utilities and paved roads.Check out the Start Here page http://www.biggerpockets.com/starthereLocate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

,I see a lot of listed properties that have one or more utilities in common.There was one in Caldwell that had Electricity shared between 2 units, and a lot of them have either water or gas shared between one or all units.Anyone have any experience in separating out utilities(Electricity OR Water OR Gas)?

One unit has bedrm and bath closed off due to water damage, it's currently rented as a 1BR but could be repaired and rented out as 2BR probably for an additional $200-300/mo.This seems like a steal, assuming everything checks out with house inspection etc, but what makes me most nervous is I'm not planning to do this full time, I have a job and I can't be driving up there every week to coordinate the repairs and check on them.

Look for water stains on the ceilings, or obvious drywall repairs, potentially indicating a leak.  

. - Water damage is a big one.

NOT true was true prior to 08 in a limited fashion but we learned the hard way that asset lending only is far to risky.2. you need some money... granted I do no money down deals but those ware with my trusted clients of a decade or more with lots of water under our bridge or as forementioned I pick one or two beginners and I groom them.. and I pick them for specific reasons.3. credit and income  Most HML want to see this.. if you don't have massive experience.4. anyone advertising rates under what @Jason Hirko mention is probably out to get due diligence money from you and won't fund.5.

Can the cost to install a submeter for utilities be tax deductible? I would have assumed yes but I know many landlords who havent done it so maybe not?