My wife is a realtor and has worked for one of Hoboken’s largest the company managed over 1000 units in Hoboken, JC and Elizabeth. 

Real estate is an interpersonal business and in almost all cases the largest financial purchase of a person's life.On the other hand, Realtors who don't adapt and implement technology in their business won't be around in twenty years.

And the high end probably is feeling the largest cooling off, and thats where this flip is.

I just want to open as much of that space up as possible after the removal of the furnace/heater and create the largest single room possible, or at the least combine the closet room and the furnace room into a finished room with a floor more comforting than the current bare concerete.

@Omar @Omar Khan So let's assume that 30k is not my entire capital pool but my risk capital distinct from my portfolio/Net Worth/Savings.

I just want to make sure this is the worst-case scenario, and that the main tenant on the lease is the one that will bear the largest risk and consequence in doing this as they are the only ones legally responsible.

There is no distinction between investment and home ownership in the law.

https://www.har.com/content/newsroom/Houston Real Estate Highlights in June Single-family home sales rose 1.8 percent year-over-year, with 8,518 units sold, the largest one-month sales volume of all time;Days on Market (DOM) for single-family homes declined from 50 to 48 days;Total property sales reached record levels, rising 1.7 percent, with 10,115 units sold – the first time that number has broken the 10-thousand mark;Total dollar volume increased 6.6 percent to slightly more than $3 billion;The single-family home median price rose 2.6 percent to $245,000, reaching an all-time high;The single-family home average price increased 4.3 percent to a record high of $316,463;Single-family homes months of inventory was at a 4.1-months supply, the highest level since last August and equal to the national inventory level;Townhome/condominium sales rose 4.9 percent, with the average price down 1.7 percent to $211,050 and the median price down 4.1 percent to $163,000;Leases of single-family homes climbed 4.7 percent with the average rent up 3.9 percent to $1,877;Volume of townhome/condominium leases fell 4.2 percent with the average rent up 6.7 percent to $1,662.

All units are 3 bed 1 bath and the largest apartment is 2600 SF so I wanted to see if maybe I could split that unit into 2 units.

It is a fairly reliable rental market, though, since we have the largest Army base in the world there.