Unless you’re going to make a lot of low ball offers or buy or sell a lot of homes for yourself (and save commissions) it may not be worth it.

Wages in Reno are low compared to home values.

I would be funding the deal, and splitting cash flow 50%, while the other end is acquiring the deal, and handling the management, maintenance, and keeping it occupied. 

-Projected monthly rent = $1,300-I calculated 5% for cap ex, property maintenance, vacancy, and $95 a month for property management.

I am buying homes that wouldn't pass appraisal standard for the low credit/low down loans and cleaning them up and rehabbing for the first time home buyer with marginal credit etc..   

In general, does anyone have any tips/tricks as to how to keep utility bills low in a situation like this where it is almost impossible to isolate where there may be an issue since there are not separate meters and therefore no way to tell which unit is using what and where a breakdown might be occurring? 

The only problem with buying new and renting is you usually can't get a loan that has a mortgage low enough that will allow for cash flow.

Any repairs and maintenance done while in service is deductible.   

The Book on Investing in Real Estate with No (and low) Money Down by Brandon Turner. 

The community landscaping and maintenance wise looks like a mess but i'm getting a good deal on the property, would it be a good decision to invest in a situation like that.