I'd like to extend the cost of the water to the lot renters by submetering each unit and sending them a bill (or having a third party do it) I was wondering, who has done this, how much I'm looking at spending, are permits needed, where can I go about getting the best deal on hardware (should I use a wireless meter which gathers data 4 times a day that I can review from home?)

Oversimplifying your purchasing decision using ratios and other numeric data can lead to some poor purchase choices IMHO.

No if it's priced right it's a steal for most buyers.The fact the you mention THE RIGHT buyer indicates it is overpriced and the seller is wanting you to find THE ONE buyer who will pay top market for it.So it is either a steal or it is not.Usually that market is slow moving as those are move up homes and many buyers are underwater in their current homes.Research in your area WHAT IS SELLING.I focus on what buyer are wanting to buy in the marketplace and NOT what sellers are wanting to sell.Your MLS will have data on what product type is moving.Expensive homes have a bunch of outlay in marketing costs so the listing should not be taken lightly.Some friends that have been selling upper end homes for years provide basic marketing and anything additional make the seller pay for it and keep the receipts.Then when it sells they credit the seller off of their commission.This way if the seller wants to take off the market early or change brokers/agents and not give you the average marketing time to sell it they are out the money and not you.It makes the seller think long and hard about correct pricing when it is THEIR money on the line.

Current legal owner, how the deed was last transferred (SWD, truatee deed, etc), deed history, etc?

A tenant gives a check to PM and PM transfers the money to me after deducting all expenses so PM can deduct 500 bucks from rent.

This does not require a closing at your transaction, contract assignments are not real estate transfers, but can be filed for record if needed. :)

One problem I am seeing is that there is no way to reconcile the prices in the area with some of the rules of thumb used on BP (i.e. 50% and 2%).I'm very comfortable with the analysis of potential investments, but I will need some help with the expense data.

Allot of data.

It allows you to type in the property particulars and it will help you and potential buyers evaluate the property but more importantly, it will pull the data together into a very nice-looking, professional package.

So, there's another data point.)