maybe the answer is some sort of Hunters safety course we all took as kids before we got our first guns.. you have a investor safety program that is not a guru LOL..

He has no safety net so I don't think its wise to take the risk because if he did a deal, lost disability and then since hes brand new to REI lets say it takes a while until he gets his next deal I just want to help advise him best!

Definitely go the legal route here, don't rent out the basement unless you have the OK from the relevant authorities--it's regulated for a reason (fire safety, carbon monoxide poisoning, etc.) and your insurance will not have your back if something goes wrong.

For the most part its just health and safety items, which are items we should have remedied anyways.As someone else mentioned, biggest thing to avoid is having the house tagged as vacant which the city will do if it sits empty for too long (handful of months, grass not cut, etc).

I do plan to buy a property with 30% to 50% off and have it "acts" as a margin of safety.

I really like most of my tenants and I would never want them to feel threatened or to feel that I view them as a threat to my safety (if I felt that way, I wouldn't have rented to them.)

It’s a very small asset class right now for any feeling of safety.

And in many cases this may be warranted as health and safety issues may be present.  

For that extra psychological safety of handling a that multi-M upscale luxury property transaction maybe worth it, but that's not your market. 

Common utilities paid by the landlord will be similar if not the same; standard services (extermination, changing filters, snow removal, fire safety inspections etc.) will cost the same.