The most expensive thing I bought was a 3 in 1 game table and chairs. it is a table, card table and has bumper pool in it.

For water, it’s fine.

Water heater uses 25 - 30 AMPS.

This is a typical "seasoning period" required by most lenders.Repairs and CapEx will probably be closer to 15% of GSR all in.You're not accounting for insurance.What about water/sewer or shared utilities?

Our first thought is the save $ to buy a new home with a warranty and rent a town home (by the water which we love) during the waiting period.

How do I make sure the water and electric bill are all in their names?

That doesn't go very far.In terms of your analysis, you should include any water/sewer or shared utilities.

@Raj Kannan, there are opportunities in every part of the cycle, though not necessarily in every asset type or location.Yes, 50% does go towards expenses, but that's partially because you're putting money aside for the inevitable roof replacement, new water heater, etc.

Also if the home has a basement look into water back up or sump discharge coverage.

@Dennis Johnson I recently put together a nice one sheet table/PDF that answers a lot of the questions around multifamily SEC syndication money raising rules/regulations.