The landlord we'll be taking over for has all the tenants paying utilities differently, which has us a bit confused.

On a multi-unit, you need to have someone there for access to utility room. 

Looking for advice regarding utilizing a HELOC on a rental property in NJ.

After 2 years, refi and pay the investor their initial investment + 10%.  4-unit apartment building (all units 2 bd/ 1 ba)3472 Sq FtRent: $740/unit/mo Price $ 195,000.00 Down Payment(%) 20.00% Down Payment($) $ 39,000.00 Closing Cost $ 9,750.00 5.0% Estimated Rehab $ 10,000.00 Total Invested $ 58,750.00 Principal $ 156,000.00 Int Rate(%) 4.50% Loan Term (Years) 30 Mortgage $790.43 $ 9,485.15 70% Rule ARV $ 292,857.14 Income Rent ($) $ 2,960.00 $ 35,520.00 Estimated Expenses Expense Monthly Annual Vacancy (5%) $ 148.00 $ 1,776.00 Prop Manager (10%) $ 296.00 $ 3,552.00 Utilities (100/mo) $ 100.00 $ 1,200.00 Prop Tax (3%) $ 487.50 $ 5,850.00 Insurance (100/mo) $ 100.00 $ 1,200.00 Repair/Maint/CapEx (100/unit/mo) $ 400.00 $ 4,800.00 Landscape (60/mo) $ 60.00 $ 720.00 TOTAL $ 1,591.50 $ 19,098.00 Cash Flow Tot.

After 2 years, refi and pay the investor their initial investment + 10%.6 unit (all 1bd/1ba) Property - 3950 Sq Ft  Price $ 190,000.00 Down Payment(%) 20.00% Down Payment($) $ 38,000.00 Closing Cost $ 9,500.00 5.0% Estimated Rehab $ 5,000.00 Total Invested $ 52,500.00 Principal $ 152,000.00 Int Rate(%) 4.50% Loan Term (Years) 30 Mortgage $770.16 $ 9,241.94 70% Rule $ 278,571.43 Income Rent ($) $ 3,300.00 $ 39,600.00 TOTAL $ 3,300.00 $ 39,600.00 Estimated Expenses Expense Monthly Annual Vacancy (5%) $ 165.00 $ 1,980.00 Prop Manager (10%) Self Manage Self Manage Utilities (100/mo) Tenant Pays Tenant Pays Prop Tax (3%) $ 475.00 $ 5,700.00 Insurance (100/mo) $ 120.00 $ 1,440.00 Repair/Maint/CapEx (15%) $ 400.00 $ 4,800.00 Landscape (60/mo) $ 60.00 $ 720.00 TOTAL $ 1,220.00 $ 14,640.00 Cash Flow Tot.

Their terms are purchase price of $199,000, $5000 down payment (which I have no problem), remaining balance to be carried at 5% for "a while" they say, a monthly payment to them of $1,080, plus half of insurance and taxes to be paid by me which the owner figures is about $300 a month plus all utilities on me.

Also, sometimes the utilities are covered by the HOA, so less time dealing with utility companies.

Just like you did with your utilities. 

You can utilize the 203k loan and do a rehab with low money down, but a turnkey rental that cashflows in San Diego thats under, say, $2mm is very rare.3.

The units are under rented by about 15% across the board, and there are no utility or CAM billbacks in place.