.- it's always good to see another Hoosier utilizing this great site!

Should i invest to make each unit its own utility?

Maybe you can utilize that in some way?

Interestingly, a Virginia based aluminum siding contractor was so charged in the same manner and successfully defended their prices by utilizing several defenses:One, they were working in lower income areas where theft was common and they built the cost of shrinkage into every job they did in those areas.

Most investors would probably calculate 8-10%, so maybe another $690 per month.Next, I don't see any expenses related to sewer and water, or other utilities.  

All electric units, tenants pay own utilities.

I'd want to know what the utilities are costing him.

I pay all the utilities.

The investor would be a passive manager, and we would split the profits 50/50.In this scenario, would it make more sense to utilize the "cash out refinance" strategy (purchasing a property all cash, renting it out, getting it appraised, pulling all the equity out, and repeat) OR would simply getting multiple conventional loans be better? 

Some will even prepare an affidavit for you to sign which states that you will utilize this accountant to prepare your tax return in the following year.