She just reported she had no hot water Friday. 

Two meters would indicate that the ____ (electrical, gas, water, or other utility) is already set up in a way that the landlord can simply have the tenant pay the utility directly. 

You should bid what your analysis suggests is a great price for the property, keeping in mind that many of the multifamily properties in the Greater Philly area are converted older homes rather than purpose built multis, so often the utilities are co-mingled among units (water, heat, electric, gas etc), meaning you either would want to convert/separate them so tenants can pay their own, or ratio bill (which adds mores item to track and manage)

Then treat the house as a normal rental, so they pay rent every month and they are responsible for electricity, gas and water. 

They also need to be on town water and sewer.

NO, sorry but this is uncharted waters to say the least.

My capex budget includes roof 25 year life span, floors 10 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 20 year life span, etc.

I am the president of a home owners association and we are getting hammered with high water bills.

. $345K with possible owner finance at higher price (7 Lot rents at 250(includes water) 9 Park owned homes with various rent amounts(see rent roll)Owner does pay for water and a dumpster. 

Pete, Clear Water and Tampa, but for what I can tell all the options my agent sent to me are retail price, that don't let me any room to make a REFI or RE sell it for a better price.