My plan is to utilize $18k from my HELOC and just $7k cash.  

It prevents your tenants from house sitting, fostering or getting a new animal without your expressed permission.Utilities: My tenants pay for all utilities including landscaping.No Smoking: I do not allow smoking and charge a $500 fine in addition to any damages if smoking occurs in the house.Maintenance: I reserve the right to only pay for repairs that I authorize in writing.

In the end, military service members looking for housing will start with using BAH as a guide and then add or subtract with dual income or looking to save money for utilities/bills.  

You can do this with utilities, Internet, cable, etc...

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.