We are planning to install submeters so that each unit will be responsible for paying their electricity, water, heat, and sewage.

Looking for most economical way to add a/c, also updating heat/water heating.

3)Furnace did not operate when thermostat set, have evaluated, no heat to house upon arrival.Possibly due to thermostat problem but unknown.

In some cases, yes cap-x should be 24%, when you have 17yr heating system, old single pane windows, aged roof, aged carpets, 80's finishes, because all that stuff will be a heck of a pile of $ to replace.

Does section 8 pay a higher rent amount if electric (heating,cooking,water heating,other electric) is included in the unit compared to if its not?

In section 8 request for tenancy approval (RFTA) paperwork it ask who will be paying the electric (heating, cooking, water heating, other electric). 

The amount of unexpected expenses I incurred during my first 30 days could bankrupt many amateurs who don't have a wad of extra cash in their accounts and this is exactly what happens to every investor regardless of how smart you are and regardless of how much due diligence you do.The seller told me the gas bill for the property was only $100 per month because he said he installed solar for heating the hot water for the entire building.

If you dig out the basement and add new columns, underpin to 9 feet, steel beams, radiant heat, hardwood floors, nice light, sound system,  etc. 

Even at 71-years old, I still work on every real estate project from beginning to end because in my past 55+ years in the construction business I never found a person who could manage a project, get it done fast, get it done for a reasonably low price and never found someone who had the ability to make the decisions to think like I think to make changes as projects move along e.g. should I change the heating system or keep it, should I paint the ceilings or are they okay, should I change to new double pane glass windows, etc.While you think you could meet with your crew to iron everything out you can do a so-so job, but later you will find that many critical construction issues were ignored e.g.

By the Fed putting more dollars out there, the economy will heat up even more, causing inflation.