@Dan D. turnkey property you are delaying the need to build your own team down the years (assuming they have done solid work in the property) the basic question you need to ask what is the IRR you are trying to target how actively you like to involve. 

I think my lawyer was involved.   

But you want to turn it into a 9-unit residential property, and that would likely require rezoning and whatever else is involved to change the building's intended use.

I bet you'll be able to connect with someone willing to do a JV (joint venture) with you or at least offer "softer" hard money to get you going!

As Thomas S. mentioned, you can install flow meters in your units, though be aware there can be a good amount of expense involved in this, and you will need to setup these new meters (& the tenants) with their own accounts with the water utility company, otherwise you will still have the bills in your own name.

@Andrew Johnson I’m using propelio because they offer comps in dallas ft. worth where I’m at and a group I’m involved with on Facebook.

I need to understand what is involved in filing this and if this is something I can do myself or need to get a CPA or attorney involved?

Just because you purchased it from a lawyer does not mean that they were representing your best interests.With community rent at $300/mo, I imagine you would have to scale quite quickly to make the effort that will be involved worth any money at all.

I’m not sure what rate you used to calculate your future payment but I’d stress test your deal by looking at some scenarios involving higher debt service costs.

I haven't come across too many 90+ year olds that don't involve their family when making large/important decisions at that point in life.