Because the units are not separately metered in any way, I pay all utilities.

Plus, it was so amazing to hear other peoples stories and see that the fears that i had about getting into real estate investing is a pretty common thing.I wish you the best of luck in your search.

Following that you will have to commission market studies, feasibility plans and common sense to realize what to build where.

This would be for a small MFR which qualifies for conventional.What is the appropriate way to utilize partnership money in a conventional loan? 

Does Fairfield Bay have utility hookups in place?

You will meet investors that are at different levels, with different skill sets, and strategies...but one thing they all have in common, is they had to start from somewhere!

@Joseph Bogorad, put simply, anytime its principal and interest expenses total higher than 50% of its rental income (in this case, 61% at the asking price), you're looking at a probable negative cash flow scenario (given that your other expenses are commonly around 50% of its income).

After paying utilities we will net $5000-$5600/mo.

In terms of deciding whether a building is worth buying, it matters absolutely none at all whether you'll be utilizing commercial financing or residential.

Yup, it is a very common thing that is occurring.