After getting married and starting a family, I finally renovated the home, sold it, and bought a new home in the suburbs.

Instead I would calculate what the average utility costs will be, build that price into the lease agreement and include a separate clause stating that if the tenant goes over the allowable cost built into the lease for utilities then they would be responsible for the additional cost.

My offer was accepted on a duplex and I recently asked for the current rental agreement for the current tenants.

A tenant vacated a property after notifying the landlord of this 30 days in advance as required by agreement.

Do I put something in the lease agreement that states I can back out if I don’t approve of the business?

As a self-employed musician, I finally have 2 years of high tax income being shown, and I have some cash to buy now in Los Ange. 

Once the house was finally done the rental volume has been good 35 weeks a year 40-45k revenue.

Have a very thorough operating agreement. 

Also, i usually will add it to the OPTION agreement (not the rental agreement)  that the tenant will pay anything up to $X  maybe more like $2500 in this price range or all of it - however you can't MAKE them do the repairs as they are still a tenant - but you can put in there that if they don't do the repairs and you need to do them that you will add the expense to the purchase price plus a certain % return (make sure it is a legal rate) - or some of my friend will do the repair but the stipulation is it voids the option agreement - I personally think that is too harsh and unfair so I lease option by adding it to their purchase later should a repair be needed and they can't afford it. 

Purchase & Sale Agreement and send to Title Company.