If you keep the property, be sure to get any utility and tax bills transferred to an address you can receive them at.

I’ve also split the utilities so each side will pay their own.

Does your rental include utilities?

Category 2, you can afford some loss but the cash flow and utility is what matters, not the ultimate value of the home. 

I didnt know if there was any creative strategies anyone might be utilizing that may be helpful .

I’d really want to know why it’s been vacant and I’d want a thorough inspection with teh utilities all turned on, even if I had to turn them on in my own name. 

Firstly hello - long time reader and first time poster Some advice neededI have 155k (24 yrs) left on Primary mortgage at 4.1% (home worth 320-350k)If I cash out refi I potentially can take up to 100k out / drop interest rate to high 2's/vry low 3's and have a payment $200 up on my current monthlyI will make around 160-200k USD this year from my jobs (more if I buy a rental) and my mortgage is within $100 a month paid off by roommates (I cover the utilities which are $300USD a month)Question is with money being really cheap would it make sense to cash out 100k to have it and either stick it in the s&P500 or use it for DP on 2 or 3 investment properties?

I know you aren't allowed to shut off utilities in a tenants unit if they are not paying rent.

In addition, when subtracting the “mortgage” does that variable literally only mean the mortgage payment, or should we also include the utilities, interest on the loan and property taxes?

I wanted to make sure that the tenants were paying utilities rather than paying for them myself.