We plan to rent out the basement on a medium-term basis - we are going to install a full kitchen down there, put a lockable door between upstairs and downstairs, fence off a private section of the yard, and there is already laundry down there, so it will essentially be an up-down duplex with a separate walkout basement entrance.

I am risk averse and if I were to purchase, I would tear down to the studs and do a full rehab {this would include getting rid of asbestos shingles and insulation).1) I have done a ton of research and it appears as if getting rid of asbestos is very DIY able assuming you spend money on the safety equipment and use it properly. 

If you can install Dimmer Switches, even better. 

Are you a DIY Landlord?

Door replacement and framing (lack there of) and poorly installed electrical from the previous owner.

Personally, I try to DIY as little as possible.

Electric heat is outrageous and no one would install it.

@Chad Douglas are you DIY or hiring PMC?

Now, consider some solutions: submetering is an option, allowing for individual usage tracking, but be cautious about upfront installation costs and regulations.

We also installed an industrial fan in a bath when we couldn't find anything standard that would work.