4- Finally what price range / square meter / type of property (house VS Apartment) would you look for. you as an investor that will appeal to the Market. 

Ursula B My thoughts exactly...such short notice of the change.KyleFrom the outside of the house it looks like the meters are in order.

But the main reason is that the flipper actually fixed the property and raised the rents to the highest point possible (and convinced the renters to pay for their own water--despite there being only 1 meter). 

The water provider will not read and bill sub meters.

In a duplex unit, I would have left the washer/dryer hookups and would have separately metered the units if I could.

Also, multi-family does not necessarily imply there are utility bills to pay.We have a triplex in NYC where we pay gas (heat), water/sewer, and common area lights, another triplex where we pay only water (gas is metered per unit with separate boilers), and 5 duplexes in NC where we pay no utilities at all (Everything is metered for the individual unit)

Purchased for $240k with plans to raise rents through rehab and decrease expenses by sub-metering water and managing professionally.

Individual meters for electricity are available but not being used right now.I was worried about all the fixing will end up costing too much money, will  turn it into a suckie deal.Should we go with the deal? 

Thanks everyone for help putting it into perspective.We do have to redo all the wiring - it's glass fuses and there's no meter.

LOL :)Getting started, I strongly suggest you begin by learning the basics of real  estate before jumping into podcasts, getting advice in public forums or reading blogs by just anyone.If you're going to begin by reading a blog, try "How to develop a good BS Meter!"