We will be utilizing Airbnb, VRBO, etc. and I know they have forms the tenant signs but I would like to have an additional release especially for the pool area, peddle bike, kayak use, etc. 

I utilized a 1031 for the down payment for a purchase price of $425000.Current Loan: $295,000, 7 year term on a 20 year amortization, 4.49%, no prepayment penalty NOI:$32,556, we only need $26,400 for a $200 a door on an 11 unit property. 

What are a few utilities to consider, and how do you calculate turnover expenses.

Things to consider are size/condition of the apartments, what utilities are includes, location, etc.

Question regarding how to best utilize a piece of property.  30 acre tract which is situated along a state highway in TN and is currently being farmed.  

Why is the utility cost so high?

As Marc already pointed you, the departing tenant is responsible for rent, utilities, and any other expenses during the period of vacancy.

I would still recommend taking on some debt to utilize leverage and make that income even higher in 20 years.

You can utilize rentometer, BPinsight, craiglist and facebook marketplace to get a gauge for rent, put it into the BP calculator along with maintenance, capex, vacancy, and property management (b/c the ultimate goal is for this to be a passive investment) and see if its profitable.

@Luke J Nelsen You may be able to withhold some or all of the Tenant's security deposit as damages for "cost of reletting" (defined as “leasing fees, advertising fees, utility charges, and other fees reasonably necessary to relet the Property.”