"The Power of the Penny".I also start out by flipping first.  1 - Cash in, flip, original cash back + profit.  

Originally posted by @Bill S.

Unless some tenant goes crazy and sands it down, the powers that be have determined it's not a hazard.

I can understand the desire to avoid large costly legal bills but there is not going to be an easy way around getting the right attorney to defend the right concepts of the whole situation.  

I recently bought a strip center in City of Gray, GA which is basically vacant with only 1 tenant, but the water and sewer bill was around 600$ (the usage was well within the allowed 2000 gallons for the base charge).

This time I used 10% for repairs and capital expenditures) as well as estimated the water bill at $120 a month, insurance at $150 (I actually have no idea what insurance would run me) and garbage at $50 a month.

Have the seller sign a power of attorney for you to sign any documents at the close with the new buyer.  

However, hacking a multifamily is in my opinion the lowest risk you can get if the units you rent out will pay for the bills. 

I was going to chime in on this thread but @Bill Gulley gave an excellent breakdown.

If I could I would turn the power, water, cable and internet off to hopefully rid them of the property sooner.