The fact that you have no public sewer and water and can be a big issue down the line.

.- Why buy a house you have to all the work on yourself (mowing the lawn, watering the grass, etc) when you could live in an apartment building with an on-call maintenance man to do the work?

The property is a distressed property , and needs things like new flooring, water heater, appliances, painted inside and out , etc.The AC unit needs replaced too, but I'm not sure if I could get by with Not replacing it, and putting window units in it instead ?

The water heater will prob need to be replaced too.

A couple drips of water can ruin the whole job.  

I currently have two and one of my units are under water as well.

"How to live in your foreclosed house for 2 more years rent free""How to stick your Land Contract Lender with your water bill"Your original post was quite vague but you will get credible help here without paying money to a lawyer that should be going toward saving the house.In later posts you give more details and get good sugestions. 

My only hold up about this property is that it isn't in the greatest area of town, and it is in a flood plane.

Anyone have any experience/wisdom with submetering water in a multifamily building in the Milwaukee area?

I would recommend splitting utility bills equally between you two as well, if everyone has buy in for the bill, they're less likely to leave the hot water running for no reason.