Tenants pay all utilities.

There are a few larger rehab companies in the area who can afford to flip homes at a lower margin that your typical one-man rehabber/investor.For speaking with motivated seller off the MLS, I think 70% of ARC minus repairs is the best rule of thumb.

So, 2300 (gross rent) - 500 (owner profit) -1150 (PITI) -184 (management) - 250 (utilities) - 184 (repairs) = 32 (net without vacancy or cap ex).  

Are the utilities separate?

Your typically going to have to put 25% down though.

The property is currently tenant occupied, and is one where the landlord pays the utilities (multifamily).

Typically the expression is figurative right?

My concern is that because the HAMP program is a partial claim on the FHA loan, will that affect my ability to get an FHA loan, even though it is my ex-wife's house that is utilizing the program?  

A few of which I utilize for most of my deals are through partnering with other people, or syndication.

It will also clearly define you as the tax payer for the property since a living trust as you're anticipating is typically a disregarded entity.