Anything else: I provide a welcome letter for the tenant, which includes information on setting up water, internet, etc..

Aside from the massive time crunch, other problems cropped up as the bathroom was stripped down - a water line snapped in the crawl space; some drywall had to be replaced; etc.

I like @Rick's response - - UNLESS you are a party to the transaction (for clarity, the buyer OR the seller) you'll only muddy the water and if you were involved as a contractor at any capacity, you can easily get your name sullied needlessly. 

On average what kind of Fixed expenses am i looking at for Water, Sewere, Electricity and garbage. 

Well water and septic are typically significantly easier to do that setting up for city/public services. 

As soon as you inquire about business/commercial lending it's like they smell blood in the water, they want higher downpayments, rates go up, length of loans goes down, and the process is way more of a hassle.

The current owner only has one gas meter, electric, water and sewage. 

Should I setup the LLC now and do my first deal under the LLC or just play out the first one to test the waters?

Heaven forbid we take another leg down in the market (which historically we always fall a few years out of each 10), you could end up massively under water.

In KY, water usually runs about $25/tenant/month so about $1200 annually for a quad with 1BR apartments.