Then at the end of the year, submit all those business expenses when filing taxes.I was under the impression almost anything towards the LLC could be claimed as a business expense.Examples of things I would have claimed:- LLC startup costs- Costs of creating a logo- Electronics used for the sole purpose of the business (Laptop, business cell phone, camera)- Gas (Having a separate card used for gas purchases, keeping all receipts)- Rehabbing (Sheetrock, tile, cleaning materials, etc.

I cant help but think of the gas saved, time saved showing homes. 

Talk with your attorney that would be doing the close before you commit to the deal and talk to utilities to make sure you can get gas, electric and cable in there as well as make sure that you can clear and excavate land for development .  

As Jeff mentioned, water and sewer are commonly paid by owner; electricity and gas are usually paid by tenants as each unit has its own meter.

@Jay Dewberry I aprenciate your response, thank you, and yes difinitly the wording, because it was just water damage, as for the numbers total rent would be 1650 all together, i pay water sewer, garbage 180.00 tops, and gas during winter 150.00 tops and mortgage 800.00 plus insurance 60.00And property tax 2400.00 a year, but my main question would be is it better to rewire it now, before i put it back together?

U - utilities (water, gas, electric - does the landlord pay for some of these and if so, how much are they?) 

Under no circumstances should you let a bill from your local utility other than Gas and electric get put into the tenants name.

Some of my clients we take care of there accounts are Pilot gas stations, Flying John, Wells Fargo Bank, Backyard Burger, and Legacy Apartments.

Here's the deal on the table: Off-market listing via a wholesaler, Asking $75K3/1, 1000 sq ft, Section 8 tenant in place on month to month lease (Rent=$650/month which is way under market)Home condition: Nothing I would live in, but no leaks, walls in tact, newer mechanicals/systems (hot water heater, home has a gas furnace) are all in good condition and are fine for a section 8 tenant.

Long as gas isn't on no big deal, couple of elbows and you're good to go.