For the cost of filing fees and service fees you get someone with the wherewithal, authority and motivation to fix your problem.

Every item has a lifespan and collecting maintenance/replacement costs should start as soon as an item is put into service.There are lenders that will provide HELOC on rental properties but they are not extremely easy to find.  

However, that requires us to dig down the basement floor to meet the ceiling height requirement (it's got the egresses and 2 exits already), and I think that can easily cost us $100-120k.

A bad tenant will cost you much more than that.

While you might be cheaper off the MLS, it costs you a lot of money and time to do that. 

So the partnership would be to split the down payment and other fees, redcue capital expenditure risk in the future, and we would like to do some work on the basement & backyard which is also going to cost capital.

To answer your question, it is possible, and quite costly, to have individual meters installed by the city.

If your all in costs are 115k, the loan amount would be 92k (80% LTC).  

Here are some insights into loan types and potential programs that could be advantageous for your situation: FHA Loan,Conventional Loans with Low Down Payment,Local Bank Programs,Grants and Assistance Programs,When exploring loan options and assistance programs, it's important to compare the terms, eligibility requirements, and overall costs to find the best fit for your financial situation and goals.

If this market does slow down because of interest rates then, rent may see a increase because they won't be much option for people to buy because it will cost more than RENT at that point.