One I found helpful was "ABC's of Real Estate Investing" by Ken Mc Elroy.

Bill,This is completely arguing your comment?

So you can keep things status quo,put in meters for each unit (recommended),or also use the RUBS system.The RUBS system is (residential utility billing system).A private company comes in and puts meters on each unit instead of the water company.Then they bill the tenant for usage and collect payment for you for a fee.You still have to cover payment to the water company as it's one line going in with separate meters but the tenants argue less as the landlord isn't saying this or that person uses this amount but this third party company does.You have to check as RUBS is not allowed in all jurisdictions.For your area also check if utilities are included in the rent payment from most of all the other multifamily landlords close by.If it is you will have a big problem metering and charging as the tenants will jump ship unless your base rent is much lower to compensate.Not a little lower but MUCH lower.If your research concludes that most have metered out in the area and do not include utilities in total rent payment then it is a good move and customary for the area.Do not overpay for this property.Water is the biggest investment killer for multifamily long term if not handled correctly.

if you're hell-bent on paying yourself for work, set up a company, say ABC Remodeling, LLC...pay this company a fair price for the work that's done, and you can take your distribution from ABC Remodeling, LLC.

Lots of folks have argued with this guideline, including Will just above.

I'd argue the difference, $117K, is the return on your $1.257M down payment.

You also won't have to argue as much about the price you are wanting because you are offering the financing!

But I don't believe it and have been arguing that wealth is not destroyed until there is material destruction (i.e. a house burns or a car is totaled).

They did not argue regarding the commission and agreed to sign off on it so it did not ever become a negative issue in the transaction.In such cases, I think that is more than fair.

I could see someone arguing to a judge that they dropped off rent at 11:59pm and therefor fulfilled their obligation within the three days.