@Nicholas Richard Ray, For single family rentals I've not heard of landlords paying for the utilities.

Tenant does pay her own utilities/garbage. 

I would utilize the funds to acquire additional properties when the time is right and an opportunity presents itself.

Do I need two separate depreciation schedules starting in two separate years even though it is one project that didn't have any utility until completion in 2018? 

I have property management experience as I’ve owned 14 single family rental properties for over five years now...... but no experience managing it all under one roof.Thoughts?

As I continue to analyze properties, it seems that the expenses are eating up a large portion of the cashflow, especially when utilities aren't separated. 

I'm not looking to take on a lot of rehab work because the property is a 50 minute drive from my home and because of my work schedule.

Also, you have to pay the utilities for this property?

You need to make sure you offer with a good amount of lease option money to the seller and be fair with your expectations or the minute they run a ridiculous scenario/ offer by their attorney or realtor, you're out like the fat kid in 5th grade dodge ball! 

Bill back on Pest control is $1500, Trash Bill Back $5000, Utility Bill back $2400, Water billback $38,000.