It often makes the situation worse, because it gives the tenant a stronger position of power.

Open lines of credit are a very powerful financial tool, however use with caution.

The beauty is that as the portfolio grows, so does you borrowing power. 

@Mario Malpelli, In my small multis in westchester, tenants pay electric and gas. 

We removed a wall between the kitchen and dining room, updated the kitchen, gutted both bathrooms, paint, refinished hardwood, updated plumbing and electric and did an unbelievably large amount of landscaping (English Ivy AND Honeysuckle...c'mon!).

If you're looking for equally invaluable information and enjoy Think and Grow Rich, he goes more in depth in How to Own Your Own Mind, and The Path to Personal Power. 

Should I expect my PM to handle taking over the service of the electric and water bills and charging that back to me?

I am thinking that those items alone could cost 4,000 to 12,000 and plus there are other problems of repainting (there was a smoker that lived there) and other electrical modification I have too do.

I am thinking that those items alone could cost 4,000 to 12,000 and plus there are other problems of repainting (there was a smoker that lived there) and other electrical modification I have too do.

Clearing the land, leveling the pad for a house,  hauling the rock and building the driveway, trenching for water and power, septic systems,  footers and concrete slabs.