Things like interest and utilities can be deducted for 2015, talk to your CPA.

If in fact you can rent it out for $1025 and make your tenants pay the utilities, and your payment is $500-600 (I'm guessing), then it seems like it would it would cash flow well.

Also, I was in a similar process and walked away because of property lines and the headache involved BUT I contacted a pre-fab and they were like $90/sqft including everything except utility hookups.

- it's always good to see another Hoosier utilizing this great site!

Numbers are below.Monthly Rent Unit 1: $675 (hasn’t been raised in 15 years)Monthly Rent Unit 2: $995Monthly Rent Unit 3: $1,035Monthly Rent Unit 4 (my unit in which I rent out the bedroom): $650Total Monthly Rent = $3,355Monthly PITI = $2,862Monthly Utilities = $208So that leaves about $285 per month for repairs and other operating expenses.

.- it's always good to see another Hoosier utilizing this great site!

Should i invest to make each unit its own utility?

They just ensure you sent the necessary paperwork to document the transaction.A Checkbook IRA LLC is an enhancement on this structure, and makes sense if you will have a decent amount of interaction with the investments, as is generally the case with rental property.  

Maybe you can utilize that in some way?

Interestingly, a Virginia based aluminum siding contractor was so charged in the same manner and successfully defended their prices by utilizing several defenses:One, they were working in lower income areas where theft was common and they built the cost of shrinkage into every job they did in those areas.