It's vital to know the ins and outs of owner/tenant regulations BEFORE you buy in a given area, and always do a very thorough credit and character check of every prospective tenant.

I don't like the fact that management companies take a big portion or your income.Enjoy the rentals, they are fun and profitable........education your tenants.Charlie

The terms on the seller financed portion has a 3 year balloon but the bank has agreed to roll that into their loan automatically in 3 years to ensure I don't get stuck not being able to pay back the owners.

We will leave the water as is- most if not all triplexes and quads in our area do not have separately metered water, I am guessing for two reasons- the cost to separate them and the minimum bimonthly charge would often exceed that apartment's portion of a shared water bill anyhow.We will separate the electric, adding electric heating and cooling to the upstairs units and electric water heaters as well.  

What about the good neighbor discount :) Ask for seller financing, even a portion. 

Where are you looking to invest.This website will prove to be vital in your education. 

@Daniel Dietz I would not say its a small portion of my net worth but its also not a big part of it.

It was a family deal where the neighbor had sold a portion of his land to his brother but no egress had ever been filed or provided.

From what I understand, per code the portion of pipe leading to the water heater, for a gas water heater, still needs to be copper, for a certain number of inches, however.

She did help to answer that.With that being said, I would also suggest that you calculate the rent so that the tenants have to pay a portion of the rent so they have some "skin in the game".