Lastly I am a little wary of this property because the lot retains water so during heavy raining though it doesn't go to the house does make the backyard rather unusable.

Another consideration is topology of the land and drainage.

I just found out that the water is on a master meter and according to the seller the bill can run as high as $2200 some months (OUCH!). 

I purchased a duplex in March 2021, 6 months later a large storm overwhelmed the drainage on the street and significant flooding happened occured. 

Or perhaps for water/sewer as that doesn't always turn out to be a fixed expenditure. 

And what happens if the market takes a turn and you're under water by the time the build is done...Buying in the Midwest is a better option 100%...Best of luck

Do you guys think this is a good practice to continue or should I call the water company and get another meter ASAP? 

DO NOT PAY FOR WATER OR TRASH.

If a freeze is coming you should provide 24 hours notice to check or winterize equipment.All of this should be clearly spelled out in your lease.If the house is on fire or water is pouring out of the house no one can question emergency access. 

We had done everything we could on our side thinking that the water was entering our home.