I like new construction since there isn't any deferred maintenance and the properties should be relatively maintenance free for the first couple years (although it's good to include maintenance/repairs in your pro forma and maintain reserves just in case). 

Run the numbers as if you leased the property from him at 10% x the value of the home( not including 1,000 acres) in lease payments @60% occupancy.

Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.

 $9k/$72500=12.4% Rate of return (not including any closing costs which would reduce this return).  

I was in a similar position a few years ago, but fortunately got married and our combined incomes helped us qualify for a larger house hack.We're on our second one in NOVA, Alexandria to be exact, and instead of rent by the room, we are renting out our walkout basement on Airbnb to monthly guests.That said, we have a number of friends doing well with rent by the room across NOVA, though they're purchasing homes with 5+ rooms or finding homes that can be renovated to include that setup.I'd recommend attending meetups such as the one I cohost, NOVA REI or Cashflow Breakfast Club or any of the others to meet those who are house hacking.

The property owner retains full ownership of the property, including the title, control, and decision-making authority.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

My interests includes but is not limited to co-listing Airbnb, short term, medium term or long term rental properties just to include a few.

If you are going to share lease edits  brought on by local landlord tenant legislation updates make sure to include the location but I suspect edits influenced by tenant interaction will be most helpful to those who read these forums. 

Setbacks holdbacks include a crazy complicated parenting situation (husbands ex) who aggressively pursues our money.