So I thought I’d ask a question to people who have been Landlords for a while.

Thoughts on how we should be looking at this as a commercial landlord?  

Been a landlord for twenty years on my duplex in the next town over, so I'm very familiar with the rental side of things.I could easily rent a house there and call it a day but I want to turn this two year job into an opportunity to do better than that.

You also need to understand landlord-tenant law better than your tenants.Understand tenant mentality.  

Doing it poorly will make you not want to get up in the morning, and most landlords do it very poorly.Rather than trying to source and then assemble all the key components of a comprehensive and bulletproof property management system (e.g., lease management, repair management, payment processing, lease renewal management, etc.), find someone who already does that and then let them do their job.That way, you can focus on your job: finding great deals!

Do you pay any landlord utilities for the units?

If you have 10 properties and get a vacancy or need repairs you can weather the storm from the income of the other properties.Unfortunately MN is not landlord friendly so no way am I investing in the MN market.  

The first time, I was only going to be out the security deposit for a "couple weeks", until they got the previous one back from their previous landlord. 

You might find that kind of service with a bigger firm for which you'll pay accordingly ($$$$+ annually).You need to learn yourself or pony up the money - here are some books to get you started on this:for accounting and taxes - Every Landlord's Tax Deduction Guide 15th Edition (and you can supplement that with Deduct It!

They also switched off electric in the middle of October (the only other bill they were required to keep under their name) to landlords name.