Here are the knowns:Rent per tenant: $750 (this is below market value due to deferred maintenance, I believe $1,000-1,200 is more realistic)Property taxes: $900 per yearLandlord insurance: $1,000 per yearLandlord pays water/trash: claims to be $125 per month (will ask for proof)Landlord is in charge of snow removal and mowing lawnThere are 5 electric meters, each tenant pays their own (landlord covers hallway and outdoor lights)What I plan to ask for is the copies of the leases, copies of the utility bills, and copies of bank statements showing the tenants are actually paying on time.

The “seller” will buy back these two tracks with the proceeds of MUD bonds he sold to reimburse himself for advancing $8 million for utilities improvements.

All the flips we do with our clients, are pretty intense - adding GFA (gross floor area) through extensions, additional floors and / or full interior guts. 

I walked into a 55k triplex with drop ceilings stained and falling down, rats fighting to get off sticky traps, no HVAC or separate utilities, and the back foundation dropped so much the floor buckled.

City has liens on them for cleanup and unpaid utility bills.

.- Underestimating utility bills.- THE BIGGEST ONE: underestimating or completely excluding vacancy and maintenance reserves.

This at least would get someone else paying utilities.

I will try to utilize that strategy hope you don't mind if I send you an invite to connect. 

What utilities does the owner pay, if any?

Couldn't complete due diligence and so requested extension, sellers agreed in writing.