I know a family member that will provide renovation service for free; so my expense would only go on the materials.

Just saying in case you want to stain the doors.The process:You need to wear a respirator, not the ones for dust or sanding, they make special ones for stripper and organic material.

The reason behind is that to bring utilities to the property will be expensive if I only build 8 units.

Many people don't mind seeing the moving boxes either, they understand the situation.Two things to watch are transitioning the utilities and carpet cleaning/move-out cleaning.

Okay, make sure you keep your copies of the receipts for the materials you bought.

I fully intend to utilize them, which I'm sure will give me a clearer picture, as I embark on this venture.

I'm just applying the 50% rule that says 50% of gross scheduled rents will go to vacancy, expenses (taxes, insurance, routine maintenance, make ready costs, tenant damage in excess of deposits, utilities at least when its vacant, CPA fees, legal fees) and capital (roofs, floors, appliances, furnaces, sewer lines, etc.)

Most conventional lenders will want utilities on.

I will purchase the property and finance all of the labor and materials.

Peter, listen to all of the podcasts, go into the lean section and review materials of interest.