From pictures and more information, the seller stated that his home/living space was upstairs and a whole entire business was downstairs.

The reason for selling is because the home has been a money pit (major tenant damage) and a revolving door (tenants leaving).

@Theo Hicks what Florida markets do you typically target?

If you're buying a property that is not new construction you  may be able to call the local utility company to find out what the power bill typically runs so you at least have a ballpark figure.Good luck to you.

we currently live in long island, and was thinking of upstate NY, as that would be a drive away, if we ever decide to convert the STR to our vacation home.

Manage what you have because it sounds like you have a decent typical tenant situation there. 

TLDR: how to take care of water bill which will include irrigation on a 10k sft yard Hello Everyone,  Will be closing on my  first new(build) Single family home as rental/investment property and would like to get your thoughts on how to go about Utility  Bill ( Water) . 

Ordinary Income: Profits from flips are typically considered ordinary income, not capital gains.2.

That's pretty  much on que for your home market-- Austin. 

If you buy the "on sale" office building, it will cost some money to convert, but if the savings is there on the initial buy price to more than make up for it...And then let's say 5 or 10 years from now the "work from home" fad is over and offices are in demand again.