Kyle M. you can do that, you can even bill them all together on one bill if you like, just itemize it so that they can see what's going to what.The 'best' way to do it would be to have the water company come out and put an official water company meter in for each unit, but I don't think I have to tell you ... that won't really help your current cashflow concerns!  

Not knowing enough about real estate, the many different investment models, and taking my parent’s less than good experience in owning rental properties, I stayed away from real estate and treated it only as dream.In the last couple years that has changed though.

NOW you can flame me for posting such a worthless trivial item,,,,but keeping this in mind with how you sand it isnt. 

Only if the bank's financial model says its in their best interest to do a short sale.

., one big issue is that using your model of "flipping" you will not be able to use the 1031 exchange so you need to put ordinary income tax + Self employment etc into your proformas to make sure you can still get the return you want.1031 exchanges are for property that has been held for "productive use in business trade or investment".  

 $5,000 (could go with cheaper laminant and save $1,500)4) Gut the two small bathrooms $7,000 (Replace bisque jetted bath tub with white standard tub, reframe leaky tile shower, replace vanities/ toilets.)5) resurface kitchen cabinet doors $1,6006) granite counter top ~$3,0007) Remove structural wall separating living rooms $2,0008) GE appliances $2,200There is other work to be done (HVAC, foundation, paint etc.) but items above are the ones with potential for cost savings. 

I self-manage, @Fan Bi, with a regular man to do lawn, trash, and minor repairs, and a contractor for other items. 

If you can make the cons outweigh the pros for them, then you've got a business model.

A good management company can stay on top of these items as well as the day to day operations.

@Tyisha G. like so many businesses, there are some turn-key ("TK") opportunities that are excellent operators and hitting the returns they promise, and there are some awful, inexperienced and/or crooked TK operators.I think the best thing would do is to reach out to many TK operators and just start talking to them and learning and discussing their business model with them and what you're looking for.