I'm thinking about putting in a sub-meter and just sending the tenant of the house a check based on the usage. 

If your DD says it's a go - sounds like a great first place @Stanley E.!

You can borrow money from it w/o restrictions as to usage, and you won't be subject to UBIT/UDFI for leveraged investments.

I have a rental in a golf community built in the 70s with EBB heat.Each unit has its own built in thermostat, so it takes some tweaking to get the settings just right, based on the usage of each room (don't forget bathrooms, etc).Also, in PA, you can select your energy generation company but all of them tend to increase rates in winter.

Depreciation (27.5)E.

You will, however, need to report any income (or loss) from your rental property using IRS Schedule E, Supplemental Income or Loss.

All levels of investors are welcome.http://www.meetup.com/Reno-Real-Estate-Investors/e...Feel free to call me directly if you have any questions.

Try to do early leak identification, the majority of the drop in usage was the low flow toilets and the leak elimination. 

If you own them in your name then each property will be listed on Schedule E of your 1040.

TIA.Best Regards,    Jason E.