What to do with utilities in a 5 unit when they are not split
Hi everyone-
Another question for all you experienced with multi unit rentals: There is a 5 unit I am interested in located in West Michigan and I'm thinking of placing an offer, BUT the property doesnt have split utilities. It appears that the owner pays all electric and gas (as well as trash, water, sewer). This will be a deal breaker as it just kills the cash flow, esp during cold MI winters. Any ideas on getting separate meters installed? Or installing submeters? Or even splitting the heating costs according to square footage of the units? I am sure there is a way to figure this out but not sure how to approach it.
Thanks for your insight!