There's so many other things to consider: cleaning fees, taking inventory after every guest, utilities, etc. 

Had a question on utilizing equity in my Primary residence for 20% DP on another investment property.

Do I need to get the sheriff involved, or can I proceed with turning off the utilities effective that date? 

The plan is to increase rent from 580 pp to 650 with tenants paying all city utilities. 

It will most likely end up being converted to middle income housing on the 2nd and 3rd floors, and then the 1st floor and basement could be utilized as retail space (assuming the building stays up, which is what we prefer).

If not I would forget all of that and stick to what you know with unpaid rent and utilities etc...Yes, you should get bids. 

What do you guys know about utilizing the stress test when running the numbers on properties, and is it really something that needs to be done?

Utilities are on separate meters they pay all utilities plus their trash etc  Best of luck  Adam

It was created an LLC for the building where future owners would be members with appropriate rights and responsibilities especially how the members would split cost of property tax, insurance, utilities and so on.

Get the property - make sure you have insurance and you transfer utilities and all that.