I do not know if your area has any rules against this for SFR but what we have done in the past from a marketing POV is to only bill 75% of the cost so that the tenant feels that they are getting a better deal than individual meters.

I had a multi but I sold it because returns are really not worth the headaches of an older home from 1907 and it already appreciated 100k+ in 2 years because of this insane market. 

Quote from @Michael Baum:It's definitely a fair market rate in my market and the North East, but thanks for your opinion! 

@Sokun So Joshua Tree is an extremely competitive market.

All that matters is equity, market value, and what kind of investors you want to be.

How is the new build market doing in your area?

I did everything else.......the legwork to find the property, I purchased it, I used my crew and subs to do all of the necessary work, I got it on the market and sold it.The split was 50/50, and sometimes slim or even a loss.Think about how this scenario would work for you.

It's about 2-3 pages and says "Note" at the top Please keep in mind this is based on today's no cost rate which changes based on the market Should you have any questions or require any assistance regarding this process, please do not hesitate to reach out to me.

Purchase price: $4,900,000 Cash invested: $1,900,000 2012 Build, 39,060sf Multi Tenant Industrial asset in a great market with tremendous expansion.

Our efficient project execution and market strategy resulted in a significant return on investment, highlighting the strength of our partnership.