He did not want to tell me what business he wanted to start, because he didn’t want me taking his idea for myself.Is this normal in the commercial industry?

I have contacts in the building industry, and my original intent was to sell this as a teardown opportunity (it's in West St.

As a reminder for any other readers, the 50% rule applies to gross rents and accounts for all expenses like management fees, taxes, insurance, vacancy, maintenance, Capex, utilities, water, legal, yard, etc..You should only use the 50% rule for a quick analysis and a true historical picture of expenses on a property is preferred.

@Shiloh Lundahl , my JOb is been a Realtor and a Wholesaler,  I know, it is in the same industry but I love making active income and invest for long-term passive  income,  first, I got some SFH, rented on section 8,  but now selling them and with a goal of acquiring my first Mobiel home park.Been an agent is really great because I do not sell houses, I sell homes, all my clients and now my friends, some of them are already  interesting on investing on RE as passive investors 

Or was it mostly utilities and common grounds costs?

I am not a coach / mentor nor do I play one on TV.... or have any desire to be.however I have done business and am personal friends with some of the biggest names in the industry over the last 20 years.. most would be vilified on BP so I wont mention their names.

I have appraised all types of property-- vacant land, small/medium multi-family, large multi-family 200 to 1,000 units; student housing, new construction, hotels/motels, RV parks, office/industrial/retail, shopping centers, special use, etc.

You're just paying with pre-tax dollars rather than after tax dollars.Further, there are costs involved with buying and HUGE costs involved with selling.Don't fall for the BS the real estate industry puts out. 

. - I should've noted that the utilities were all included in the electric budget I included in the report.6.

Age, condition, beds per unit, gross rents, who pays utilities, NOI, occupancy level.