I would be careful trying to bill back water on a small multifamily property as well.

This means you can make basic administrative actions such as selecting vendors and paying the bills on behalf of the IRA, but may not personally benefit such as by paying yourself for management. 

Rent each room out 1200+/month all bills paid.

@Bill Brandt Thanks for the recommendation.

Generally, if there isn't a separate meter, landlord can't make tenant pay utilities as there is no way to truly decider what portion of the bill belongs to which tenant.

I have a little over 2 years worth of bills in savings, I've separated from my employer, completed the necessary education to proceed with the licensing process of becoming a real estate sales agent, and will hopefully be a licensed agent by the beginning of September.I'm posting this thread because I want to know, what are the mistakes you made when you were starting out?

Why would you form an llc, supposedly for liability protection, then commingle funds by personally paying the llc bills, immediately killing any protection you thought you had?

Quick overview: FHA/203K stream line LOAN at 4.25%purchased a duplex for $299k in Boonton NJ. 203k at $19,800 on chimney repair, roof, and miscPITI + MIP $2,771Rent: 1,700First water/sewage bill is $78 per quarterEstimated rehab cost is around$50k ish and I am hoping to do all the updates within the first year.

One legal bill, one speeding ticket, one car wreck or car repair, one unexpected high utility bill, birthdays, holidays, forced time-off from work, etc., etc., etc... 

(Water bill is roughly $60.00 per month).