@Aaron Moayed You will want to transfer them into your name from the previous owner because you will likely need at least power to complete the work you need to do before renting the unit out.

Is this allowed in your area, and if so, what would the cost be to get plumbing and more power into the garage.

I’ve read that if you own less than 3 units, tenants do not need access as long as they have a maintenance number to call if power or fuses go out.

I understand the power of leverage, never doubted it; but this plan isn’t set out for failure is it? 

@Eric Ippolito  first it takes Capital to fund the due diligence process and bring the project to shovel ready but the following steps are free and are done by you to determine feasibility.Check with the city or county to determine what is required for all approvals including site plan and building permits, proffers, water/sewer tap fees, bonding requirements, inspections and CO process and time frame for all approvals.You also need to check with the utility companies and get an idea of availability and cost estimates from them for water, sewer, power, gas, cable, installation and connection requirements, tap fees, hookup charges, transformer location and relocation, power line and power pole relocation issues.Check to see if you have to install any manholes,fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements,.Check DOT requirements for access, stop lights and permits, traffic studiesDWQ requirements for permits, permit fees, time framesThis is a broad overview of the process and your civil engineer can handle all of this but it's good for you to know exactly what's required.

It’s either a DCF or cap rate analysis based on the ground lease, PPA (power purchase agreement) Or both in some cases.

Ultimately you hold the power because you are the landlord.

Yes I know that these are some decent returns, but I also know the tremendous power that real estate has to create substantial wealth when you invest it properly. 

Once you have accounts set up with IPL (Indianapolis Power & Lights) and Citizen's Energy Group (water and gas) it's pretty easy to have service switched on and to stop service so your tenants can take over.

Until the owners estate goes through probate you will have to deal with whoever has power of attorney or once the owner passes you will have to deal with the estates executor.