I will be utilizing a 203k loan and am open to any and all advice from anyone wanting to help their fellow man! 

Many utilizing out of the box strategies.  

Proposed deal:$15k down$135k purchase price$15k loan payoff feeOwner financing 1-yr balloon with 20-year amortization at 5.5%Our PM charges us 8% of gross rent as a monthly fee.The problem that I'm struggling with is that the units are not individually metered, and the rent includes all utilities.  

@Alexander SchillerThere are several online calculator to help determine closing costs, here are a couple:http://www.anytimeestimate.com/SELLER-CLOSING-COST...http://www.setcoservices.com/cost_calculator.htmAs for holding costs, you need to take into account:  taxes, insurance, utilities.  

There are also 3 garages beneath the units that could be rented out as well to get additional income.His monthly bills are (mortgage, insurance, water and interest) are $2590,-He is paying for all utilities which i think should be decided amongst the tenants. 

I'm going to attempt to get a business credit card to pay for all utilities, taxes, maintenance, and other incidental costs.

I'm going to attempt to get a business credit card to pay for all utilities, taxes, maintenance, and other incidental costs.

As always, remember the public data being utilized may not always be correct.

If you have a lender letter to go along with your offer and you utilize that to get an offer accepted, but you have no intention of closing it that way, then can't close, you did something shady and people will remember.  

@Micah CopelandThe tenants all pay a majority of the utilities?