Electric can easily be metered separate and water can have a sub meter by your plumber (which would require the effort of someone reading that meter each month on behalf of the owner to bill the tenant back.

Leave for the owners to run in electrical, water, sewer.First check everything is possible.Run your numbers.Make an offer that works for you. 

You might take a look at using a electrical "Split" system since the house is only 1,000 square feet. 

(Third unit is electric, and all the thermostats etc were replaced two years ago). 

Other than permitting issues, where certain trades have to be licensed to pull their own  permits (electric,AC, plumbing, etc) your insurance companies will audit you annually to verify your subs have liability and workers compensation….since ultimately you and your insurance company will be on the hook. 

Even if you put $50,000 down with 4.2% interest your mortgage, insurance, property taxes, trash removal, water, owner's electric meter, maintenance, etc. will exceed $4,000 per month and there won't be any booty to pay your partners for 20 to years until after you increase rents.The property could make decent money for someone who can put $150k to $200k down and for someone who has a lot of cash in the bank for rehabbing units when tenants move, for a new roof, plumbing, repairs, etc.

That said, please provide your input on any and all of the following assumptions:-Repairs & Maintenance: 10%-CAPEX: 5%-Vacancy: 5%-Property Management: 10%-Water/Electric/Gas/Garbage: $0 (Assuming you could pass on this expense to the tenants.

This house's basement was flooded to the ceiling, submerging the oil burning furnace, heating oil tank, security system panel, electrical panel, and water heater. 

If you have cash, you charge it to a card to earn points and then pay the card off with the cash.Credit can be a powerful tool for the financially disciplined.

Thus I was red-tagged and had to get the additional permits and do some electrical upgrades to bring it to code.