Most require individual lines and shut offs per unit so many people go with RUBS instead. 

Some are individual, LLCs, retirement accounts, money market accounts, etc.

Separating electrical will be a different process and cost than separating heating where you might need to run separate natural gas lines and purchase individual furnaces.

Since you posted this in the BRRRR forum this is the formula I use to determine the bottom of my range:75% of ARV - Closing Costs of Refinance - Cost of remodel - Closing Costs of Purchase - Carrying Costs - Buffer for Negotiating + Expected cash flow for 8 monthsI add 8 months of expected cash flow because it makes sense to me to view an individual BRRRR deal through the lens of a 1-year period.

Furthermore, where the economic benefits to the individual participants are not derivative of their co-ownership, but rather come from their joint relationship toward a common goal, the co-ownership arrangement will be characterized as a partnership (or other business entity) for federal tax purposes.

They have retained counsel individually in an attempt to negotiate the drafting and adoption of an Operating Agreement, AFTER making an initial investment in the company. 

Current debt against them is ~$2.8mm via individual recourse investment property mortgages.

Current debt against them is ~$2.8mm via individual recourse investment property mortgages.

No, you can not “buy an hoa”....you can only buy the individual properties...but, why do you think you’d want to?

Use the advanced function when you get to rental income and input each individual rent.