Are each unit within a MFH metered separately?

This is a HUGE discrepancy and certainly makes the difference between positive and negative cashflow.If the utilities are $556/month, I'd assume the units are not separately metered OR the owner pays electric on a lot of them.

We each contribute 50% of the funding and then I have a separate company that does all of the management.

You'll want to contact the 401(k) administrator (if you work for a large employer, it could be outsourced to a company like Mercer; if you work for a smaller employer, it could be someone in HR/payroll) and ask them about 401(k) loan repayment options if you become separated from service.

These are some AWESOME locations, some on lakes, some in manned/gated communities, etc.The bank is willing to split the existing homes and lots into two separate deals.What do you guys suggest would be a good offer price for the existing homes?

.#2 is less common, but in markets like we have today in many parts of the country, there is a lot of competition for good houses, and many people realize that making offers at list price or below means a bidding war that they may or may not win -- so they offer over list price to separate themselves from the competition.

If they are separately metered then it can be put in the tenants name.

Are all the utilities separately metered?

The owner had rented each bedroom separately, for a total of 16 tenants.

To answer the other part of your question: the bank will want to know the purchase price and the scope of the rehab as separate items.