For me personally, I would leave it a loft so the renter could have a playroom for kids, office space, family room, etc.

If you're not present to let them in (or have the space occupied for whatever reason, etc.), they should be notifying you and you may have to face any repercussions (penalties, pauses on your permits, etc.) 

My offer to purchase was successfully accepted in a competitive market, and I immediately found a tenant to rent out the space for a 12 month lease.

And what about the people that are attacked in an enclosed space?

This space is also getting competitive, but you could try listing for monthly stays only on Airbnb, VRBO, etc.

And if the yard space was part of the lease I guess it makes sense to reduce the rent a little.

My point being I've consumed a vast quantity, and variety of content in the rei space. 

You still may have negative cashflow, but it may be smaller, so is addressed by rising rents sooner.As a professional in the Build-4-Rent space, let me make some corrections here. 

I just started getting into this space and I've been trying to discover the best way to find sellers who are motivated.

It’s normal to feel like you don’t have enough knowledge at the start, but these meetups are a space for learning and building relationships.