I will submit at least 5 properties, but the odds of closing one of them are very low.

@Sam Hickey Thanks for the additional info, I was browsing a bit on the USDA site but since their properties are mostly in low population areas I believe that wouldn't be great for downtime getting a tenant in.

Unless you’re going to make a lot of low ball offers or buy or sell a lot of homes for yourself (and save commissions) it may not be worth it.

Wages in Reno are low compared to home values.

Fairfield Harbor has plenty of nice folks and a lot of homes have been rehabbed out there since Florence but you can’t fix the fact that it’s low and prone to flooding.  

I am buying homes that wouldn't pass appraisal standard for the low credit/low down loans and cleaning them up and rehabbing for the first time home buyer with marginal credit etc..   

In general, does anyone have any tips/tricks as to how to keep utility bills low in a situation like this where it is almost impossible to isolate where there may be an issue since there are not separate meters and therefore no way to tell which unit is using what and where a breakdown might be occurring? 

The only problem with buying new and renting is you usually can't get a loan that has a mortgage low enough that will allow for cash flow.

The Book on Investing in Real Estate with No (and low) Money Down by Brandon Turner. 

They are on the low end of structuring what you can and cant do, mainly wanting to keep a clean, nice neighborhood (all single family communities).