On a building with all 1 Bedroom units, at $600 per month in Rent per Unit, I would not factor the Vacancy at a Flat 5%, I know this is a common practice mentioned in many of the BP podcast, it's done to simplify explanations for newbies.

All five have renters in them and I'm house hacking in the 3 flat.  

People want to go to the mountains not the flats of Orange County. 

Investment Info:Small multi-family (2-4 units) buy & hold investment in Chicago. 2 flat apartment building newly remodeled.

It is a pretty extensive rehab on a 2 flat.

I plan to buy when the market is up, down, and flat. 

When the property sells you will split profits however you decide, whether it be a flat percentage on money provided or 50% / 50% on whatever's left after investor has been paid back initial funds.Also...count your blessings as you are very lucky to have this person(s).  

If the utility was a flat fee, then I would just build the cost into the rent and it would then be invisible to the tenant.

It is hard work and a lot of sleepless nights taking care of tenants and all of the problems associated with a large building.I do love a two-flat or SFH for fix and flip purposes, in part because I am crazy...LOL  I can’t help myself, I do love the construction side of things.l  But I digress...Run the long term numbers, as I am sure you already know, and compare the three options side by side.Good Luck!

This type of property seems to be bigger than what most realtors deal with and to small for a commercial realtor.  Thanks in advance!