It also includes people walking in/out which results in heat loss.I recommend you contact the utility company.

If there are any unrecorded liens (ie code infractions, unpaid utilities, etc) you'll be responsible for these

Many pushing land trusts went further, incorrectly claiming that utilizing a land trust for ownership of a property would not trigger the due on sale clause in mortgage notes if the land trust itself was transferred (sold), and therefore mortgage assumptions and subject to sales wouldn’t have the threat of mortgage note acceleration hanging over the transaction.

Property taxes, insurance, utilities, lawn care/snow, debt service are all holding costs you need to account for.

You'll be the legal owner and will be collecting rental income, so I think you will be able to utilize the common strategies of depreciating the property and CapEx, expensing repairs and other property-related out of pocket costs, as well as interest on the mortgage loan. 

However, after talking with a few people it sounds like we may have to also refi one of the properties (or both) as investment properties if want to still be able to reap the benefits of the low down payment conventional loan we've been using. 1) Is there a limit to how many times you can utilize a conventional loan if we are doing live in flips i.e. considered our primary residence?

Are you including all the utilities?

This brings up a whole new debate and leads into the conversation of utilizing a 15-year mortgage vs. a 30-year mortgage.

@Tanner Kenneth Jenkins I've personally never used any of these services, but have heard of other investors utilizing them, Batch Skip Tracing, Prospect Now, REDX, and Spokeo, to name a few.

In the past year I have been trying to educate myself as much as possible with how I would like to utilize the equity in my home to invest into my first real estate investment.