Tenants pay for their own electricity otherwise.

My dad is an electrical contractor, so could use his help for semantics, but my main ?

While those resources are great, an even better approach is having someone physically be at your job site showing you the best way they have found to do a specific task like: cabinets, baseboard, windows, doors, plumbing, electrical...

New mechanical systems (HVAC, plumbing, electrical) would cost at least that much on their own.

While certainly not the primary or only consideration, a good name is important.Pick a name that is: short, easy to pronounce (you're going to be spelling it out for the gas company, the electric company, and tenants)available in the state where you will register the companynot already identified with a national well known company, where the domain name is available for a reasonable price (you don't want users to have to type a long convoluted name for the url address) It's REALLY not to early to have a lawyer working on the OPERATING AGREEMENT which will define the legal agreement between members and the buyout provisions in the event things don't work out.

Have the plumbing and electrical been updated in the last 30yrs?  

With this property the owner pays all utilities besides electric.

Do you need water/sewer electric run?

The building was appraised 6 months ago for $800k, we are picking the deal up off market for $350ish if we close in the next 3 weeks.The building is 19,090 sqft of brick and in need of a roof (maybe a patch job), 50 windows, electrical, heating and flooring estimating around $350k.At $700k project cost + holding expenses, our goal is to flip the property and provide a vanilla shell to the county/city courthouse, laws offices or medical offices.

This duplex has actually 4 separate units and 3 electrical meters, each unit has 2 separate entrances/exists.