I've got some extra cash but I don't want to be cash poor with a new property with possible unforeseen issues.   

Often I find through 1031 buyers poor planning they are overly rigid when they have 45 days or more and property expectations and then as the days wind down they swing way over to the other side of what they will accept.

Lastly, having a larger monthly cash flow, especially on your first property, will make it easier to build up a cushion in your rental account for unforseen large repairs or vacancy.I'l quickly touch on an angle I've used while acquiring rental properties, especially those in poor condition or those where the price is already reasonable for what it is.

Individual investors?

We would have to send individual bills to each tenant after we calculate the cost from the bill (dollar per kw). 

Ideally, my list would meet the following criteria:Property built after 1980Last sale on or before 2014Property is 20,000 - 80,000 squarefeetBuilding is multi-tenant (vs single tenant)Owner of the building (or LLC) is an individual or couple in their 70's or olderMy question is primarily about finding the last 3 bullet points, ESPECIALLY the tenancy (multi vs single). 

As far as the individual expenses go (excluding utilities) I start with 8.34% or $187.65 (one month rent) for Vacancy. 

This is more efficient than individual LLCs for every property but still isolates liability.

Spend time reading profiles and connect with individuals. 

In any case, always look at the individual deal.