Separating electrical will be a different process and cost than separating heating where you might need to run separate natural gas lines and purchase individual furnaces.

How does it differ from wholesaling regular properties?

I have met people who manage the work themselves but that might be really hard if you have a "regular" job that might interfere with such things. 

So, our regular plumber mentioned that the price of water heaters looks like it's going up significantly. 

I've been debating to turning it into condos, but don't have much insight into establishing an HOA or anything of that nature

What i'm struggling with is whether it's worth trying to do a non-recourse portfolio rental loan that combines all these into one loan. advantages are mainly that i get to wipe off the recourse nature off the record, can structure a 10-year IO period and ARM after that; however, the cost to complete is meaningful - 1% origination fee, $2-4k closing fees, new title policies cost of $15k or so, higher coupons of 4.3% +/-, prepay penalties and non-assumable, probably more difficult to selloff properties individually.

What i'm struggling with is whether it's worth trying to do a  non-recourse portfolio rental loan that combines all these into one  loan. advantages are mainly that i get to wipe off the recourse nature  off the record, can structure a 10-year IO period and ARM after that; however, the cost to complete is meaningful - 1% origination fee, $2-4k closing fees, new title policies cost of $15k or so, higher coupons of 4.3% +/-, prepay penalties and non-assumable, probably more difficult to selloff properties individually.

In some cases, they are paid positions, in others a stipend is issued, again the construct varies considerably but I have never known of any instance where anyone does it because it's such a great income earner, they never are, because the residents goal is to pay as little as possible to get as much as possible, a situation naturally antigen to profits as you speak. 

For regular transactions you can use any title company you like.

We don't keep ours separate, and just use it like regular income.