For illustration purposes, it's quite normal to acquire a mix use building consisting of 9 residential units + 1 commercial space for less than a 9 unit multi-family building would trade in the equivalent location because the commercial space is an automatic disqualifier for many investors.

I know very little about legal precedent but I'd expect the major meter manufactures (selling into the utility space) to be well incentived to challenge these items best they can, and they have money.Here are the issues, and the reasons that the difference between an air forced system and a boiler/hydronic system are not meaningful for this discussion (ie efficacy issues of sub metering exist for either when method of measurement is measuring heat at point of delivery):In either case, the blower (or pump for a boiler) is the method of 'moving' either air (central air) or water/glycol or equivalent (boiler etc). 

Strategies: maintain the most amount of credit lines possible without use; no late payments, ever; any credit that you do use as a consumer should be small relative to the credit limit of the account; keep your accounts open as long as possible; don't apply for credit unless you really need it to limit hard inquiries; space out any new applications or inquiries as far as possible. 

For those of you that are more experienced in this space, would you change your financing approach based on this new information?

About 1/5th of the livable space would be rented out.

I don't really have much to add other than I know the person mentioned, and have heard of similar feedback from others in the space. 

As far as the size I think it would depend on the space. 

Not adding any additional living space, just dividing the two units, putting a kitchen in one of them, and probably not having to add a bathroom to either unit.  

The Real Estate business in general can be learned by meeting and having a local 'mentor' walk you through things...classes, seminars, and the like are great "motivators" and open your eyes to new ways to do things, give you energy and connect you to others in the space.

However, now I wonder if it might be a good idea to set up the property management company first to take on local clients and propel us into the space faster.