(Get a degree if you don't have one) (Get a masters if you have a bachelors) ("Work work work work work" -Rihanna)3) Use that money to buy strong CASH FLOWING houses (buy and hold)4) Keep saving, combine the savings with your investment income5) Use that money to buy more6) Keep growing the business7) Retire!

specifically we have a 6 unit that has water and sewer as the largest expense (and increasing significantly) so our thought was instead of increasing rent we would begin a bill back.  

I'm also interested in taking the 4 year college path and perhaps getting a degree in business/accounting.

If you don't have the cash or the ability to get a traditional loan, you may have to use creative financing or partnerships.

@Kenneth Garrett - One of the beauties of rental properties is the ability to generate PASSIVE income.

That'll leave it in their mind that they can say goodbye to the $800-ish deposit if they choose to smoke inside, plus get a bill.

Beyond that, it is just different degrees of advantageous or disadvantageous situations acted upon with or without knowledge, meaning that the word "mistake" is a judgement call.

I know this doesn't happen often, but it definitely built my confidence that I have the ability to pick a winner, now the construction begins!

Asked me for time to evaluate their ability to service me. 

That would give you much superior returns over paying a bunch of middle men, you would also then be assured that the rehab was done up to you quality standards, and finally it would hedge your investment to a large degree from any short term pricing volatility caused by a recession or other events outside of your control.