Sounds like the sponsor hasn't divided the tax lots yet.

@Jeff Owen I am sure you know that CAP rates are determined by dividing your NOI over PURCHASE PRICE. 

@Shane Craig parking as a resident can be challenging but a great problem for an owner :) charging for VIP parking spaces at 10-15$/month divided by market cap will put a smile on your face.

Is it possible to have more than one meter installed to divide the cost of the utilities?

I have been working arduously to develop reverse auction company where anyone who has an architectural drawing can submit it, and have contractors join a live bid on the job.

Would need to draw down on it for future acquisitions and other needs as fit and will pay down quickly as well. 

It's currently a completely open backyard with just minimal sloping (<1% grade) dirt in the area that needs the foundation and a 5' wide easy access opening to the backyard, and the structural drawings call out a very standard slab foundation.

Here my idea, please share your take on this strategy and it may have been already be a thing, but I literally just thought of it at the dinner table and abruptly left the table to draw it out on my dry erase board.Someone comes to me with deal and they need cash to finance it.

Let's say 40-kay.Take your annual cash flow of 3600 and divide by your out of pocket cost 40000 that equals your Cash on Cash (COC) of .09 or 9%.Only you can decide if that is a good number.

Then the renters would have to divide rent amongst themselves.Does anyone have experience working with this type of situation that could shed more light and provide information that has helped them?