I'm thinking about going into business with a friend who is a custom builder and curious to know what the industry standard is for the business arrangement given our potential situation.

Etsy and Artfire selling hand made or custom itemsEbay stores selling items you find in your area that others can't find or get easilyCreate a blog discussing something you are good or passionate about for advertising incomeStart a youtube channel for advertising incomeStart a services based business doing something you are good at and advertise on CraigslistCheck the Craigslist gigs area for one time quick gigs you can get that work around your scheduleUber or lyft as a driverHouse hack, or buy a house and rent out all but your roomWhile saving move your money from bank to bank to gain their 3 or 6 month bonuses like $300 bonus for holding your money in their savings for 90 days, then move it to the next bank offering that.Sell everything you are no longer usingSell photographs to stock photo websites like istock, depositphotos, etcBuy pallets of overstock/returns to ship and have Amazon sellBuild websites for companies using wordpressOffer to maintain the social media for all business owners you know, and take a monthly fee for some extra facebook and twitter time.Become a long distance digital assistant for some REI investors that need you to analyze deals, juggle calls, etc allowing you to learn along the wayOf course any job working in the industry you are looking to get into like an working with a realtor, investor, broker, mortgage agent, etc would be preferred since it gives you further advantages in future investments.Let us know what you decide to do!

She stated that since the structure was built right on the property line the utility companies stated they would not be able to separate the meters. 

I started years and years ago by having 2 friends and a co-worker live in a big house I bought and paying me more rent than my payment and 3/4ths of the utilities.  

Chart of accounts, how to set up properties (as "Customers"?)

Develop a relationship with a good realtor that knows the areas well and also utilize the Trulia crime heat map.

He currently rents the house ts below market as he utilizes it for storage. 

These will include (but not limited to) Taxes, Insurance, Utilities, HOA Fees, etc., that occurs during the Rehab period and up until the property is fully rented.  

Finally, it provides sample letters you can customize and use.NOLO web site is a great resource for state law.

My mortgage payment is $2,750 a month + $400 in utilities (avg.).