Separate meters: Gas, Water, Electric.

Furnish it, the last thing you wanna do is have your rental over run in the garage or the rest of the place with someone trying to store their stuff or have you pay for damages done to their stuff.

With that being said I have read many books and listen to podcast and dip my foot in the water with a JV flip. 

(In advance I know some of the variable expenses are fixed and the fixed are variable.)Fixed expenses: Electricity .04653 Water and Sewer .0167 Garbage .0352 Property taxes  HOA's .05 Heating .045 Monthly insurance .024 PMI .01 Variable Landlord expenses Vacancy rate .06-.09 Repairs and maintenance .02 Capital Expenditures .08 Management fees .083 Depreciation (1/27.5)My question is this.

I've taken into account the expenses you've mentioned above, but i was wondering, if the landlord would be responsible for the water, sewer, garbage expenses as well?

I just had a lovely family from Australia with 4 kids discovering California for the first time who were denied from their booking due to "water damage" , they were told.

It has some sort of foundation damage.

I’d also give some thought to the water quality in your area.

You are exposing yourself to potential liability (neighbors with kids) and damage to your business (that guy rents to sex offenders/drug criminals). 

Having $3MM of dry powder during a potential downturn is EXACTLY where I'd want to be, not invested in a property that is simply treading water, especially in a more expensive market.I am of course assuming a downturn, but there is no denying that even very active money (i.e. more time available to spend on adding value) is having a difficult time finding quality deals today.