This includes income & asset verification, tenant's credit, criminal, and eviction reports.

This is why I asked about the business use of the land.Identifying the use of the land is very important, @Caroline Gerardo, as you've mentioned. 

I feel it is important landlords know the rules and learn how to minimize the risk.

Factor in landlord friendly laws, 4 lowest property taxes that don't reassess on the sale and the straight cash flow is not as important.

You want to look for demonstrated experience which is much more important than location. 

Not worried about small or medium spikes , just something to protect us if there are hundreds of dollars used that shouldn’t be.Looked into splitting them and it just isn’t worth it right now.Would the best way be to just list utilities included upto a certain amount based on historical usage for electric(kwh) & gas(mcf) totals for a year?

The more important question is WHY should one do biz with you, what's your " value" . 

We are pursuing grants / subsidy including from Littleton City Council and others, along with financing to purchase the property by the residences via the Co-Op.

They include all the do’s and don’t’s.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.