Do you want to do Single-family homes or Multi-family? 

Utilizing a wrap he has a mortgage note as an asset to offset the mortgage he’s still responsible for on the property.  

I'd be surprised if the complex doesn't have individually metered units so you may be able to eliminate the utility expenses unless those are for common areas like walk ways, parking lot or laundry.

If you're looking for cash flow you can easily make $300/mo net on a single family property in a better neighborhood/condition.

If you're getting started, I'd suggest focusing on single-family homes in growth areas with strong population trends—let me know if you need help finding the right deal!

Single family long term rentals has been working for me. 

Renting at FMV ensures the property qualifies as an investment while preserving its long-term utility for your portfolio.This post does not create a CPA-Client relationship.

Purchase price: $600,000 Cash invested: $30,000 Purchased single family home, finished basement making the property a duplex.

Several have mentioned utilizing low down payment second home loans for qualifying.

Where did you take into account the landlord paid utilities?