We spent the time during implementation to make sure it was set up properly.

You want to review all the HOA docs to make sure the community is properly managed/ maintained so you don't run into issues like special assessments or Fannie Mae noncompliance. 

In order to set up what you are trying to do properly, you need an attorney AND a CPA who agree on strategy and structure so things work in tandem. 

Depends on the ROI - how much to install a separate meter and reroute electrical wires for each unit vs monthly electric bill owner will have to pay?

Making Sure It Makes SenseHow do I properly analyze a deal like this—especially when part of the revenue would come from subleasing to other businesses?

HVAC: Is the ROI high enough to justify installing high-efficiency furnaces/boilers over standard units in a mid-range flip?

As Josh noted above, it's really all about proper tagging and making sure each expense is categorized properly and coded to a specific property.one other tip is using an accounting system, you should be able to attach receipts as opposed to having paper receipts. 

I develop raw land and install new mobile homes (I'm a dealer also). 

Appliances were another $2.6k and I prefer to use Costco because they bring all the hoses and cords for free, install for free and haul away for free. 

There are a number a factors that affect this, including the fact that this could be considered an installment sale.