We estimate it is going to cost about $1,800 - $2,000 mo. all in to run it, including mortgage (PITI), repairs, HOA, Utilities, etc.

With the exception of taxes and utility liens as a general rule.

Here in VT, if someone moved out in the middle of winter and it took me three months to get a replacement, that tenant still owes me three months rent, plus utilities to keep the place heated.Obviously if you don't want another tenant, well then it worked out pretty well for you! 

All utilities are separate I would only be responsible for mowing/snow removal. 

Easements have three areas defined including 1) Access, 2) Utilities and 3) Visibility.

And, if you attempt to utilize the land and are not a favored national, they will find ways to make things very difficult for you.

Last question, as a first time buyer, when would it be a great time to utilize my equity line of credit to fund the rehab?

City Water and Sewer, separate utilities and Worcester property tax is reasonable, so PITI comes to just $1,871 for 100% financing which would mean $1,729 positive cash flow just for taking the thing.

Hope this helps.Partner 150% OwnershipSelect ProjectAgree to Price of Offer and Other Conditions Submit Offer to BrokerAgree to Rehab Plan and Schedule Prepare Funding Opportunity Document Solicit Investors for FundingCoordinate Funding for the ProjectCoordinate Documents with Attorney for Funding Coordinate with Attorney Closing Dates and Fees Coordinate with Real Estate Broker on DetailsSecure Property Insurance and have Utilities Activated Secure Bank Account to Pay BillsPayments over $500 Require Approval of Both Owners Prepare On-Line Advertising for Property Available for Rent Upon Selection of Tenant Run Criminal and Credit Check Agree to Rent Amount and Security DepositProvide Updates to our Private Investors as to Progress of Project and Coordinate with the Bank on the RefinanceRequest Appraisal as soon as PracticalProvide Personal/Business Credit to Secure Refinance Close on Refinance Within Scheduled TimeExit StrategyPartner 2 50% OwnershipSelect ProjectsAgree to Price of Offer and Other Conditions Develop Plan for RehabDevelop Construction Schedule Develop Budget for Rehab Coordinate with Outside Contractors Initiate and Complete RehabLabor will be at cost as part of Participation to Operating Agreement Agree to Terms on Funding Conditions i.e., Interest Rate etcCoordinate Permits if Applicable with Government EntitySchedule Inspections and Remedy ComplianceSecure Certificate of Occupancy or Final Inspection Approval Both Members will Agree to Pay BillsPayments over $500 Require Approval of Both Owners Coordinate Showing Property to Prospective Tenants Select Prospective Tenants and Recommend to Member Agree to Rent Amount and Security DepositClean Up Property for TenantProvide Property Management and Maintenance Provide Personal/Business Credit to Secure Financing Exit Strategy

I'll definitely be utilizing this technique!