Utility service billing may also need to be changed, if any are provided to the tenant such as water/sewer, gas, electric, (internet or cable tv for many condos).With regard to "transfer the lease agreement", there is no specific "form", but a written notification needs to be properly delivered or mailed to each tenant as I described in the first paragraph of my initial response to your post.It is "Best Practice" for any and ALL agreements, and most communications to be in writing with regards to Real Estate.

How can I charge my tenants for electric and water usage when it's all on one meter?

After calling the owner again after letting it sit, he informed me that he’s taking on a huge project at work, and frankly he just doesn’t have the time and energy to deal with bad tenants, and he’s just trying to get out of the property what he paid for it in 2005.  

Landlord shall maintain the structure, roof and foundation of the Premises, and the heating, plumbing and electrical systems of the Premises unless the repairs required are a result of any act or omission of Tenant (excluding normal wear and tear).

The real estate has been good to us, and to give you an idea, I'm going to be applying for a continuing education course in refrigeration so I definitely see value in that - however in my case I see specific value to use the knowledge that I'll gain for my (and my family's) own purposes, given that we already have a rental portfolio and some AC needs in the docket.I think there's a challenge in finding meaningful career opportunities within the trades for many, many people - as the training and cultural environments within most 'service businesses' such as an HVAC, electrical, plumbing, etc can be desolate and make certain folks turn to the 'dark side' of business. 

But in all honesty with the energy cost increase I expect to feel it in the next month as the gas rates are expected to be up 30%.

However, they are also high energy dogs and can do a lot of damage to a property. 

We improved our due diligence when it came to plumbing and electrical on older building.

It needs major rehab anyway so the water amd electric split would be the major expense.i plan to rent the upstairs LTR, and possibly STR the downstairs plus use it myself when I am in town (it is near my inlaws).Question: Is it worth the investment in turning it into a true duplex, or should I just include utilities in the LTR rent and leave it as is with a solid locked door between the up and down?

What is he estimating for demolition, for plumbing, for electrical, for painting, for HVAC, for cabinets, for appliances, for flooring, for the roof, etc.?