This applies to nearly all buildings six (6) or more units in NYC or any of the Rent Stabilized localities throughout New York State.I'm NOT active in New York City (or suburbs) any longer due to these guidelines or myriad other anti-landlord rules & laws; however, I can say many realtors do NOT understand what they're selling so BEWARE:  I've had realtors say the units "have preferential rents, isn't that great?"

PA has some pretty funky laws rules that may not apply to what the other 45 states do.. 

Note it doesn't apply to you if you are an owner-occupant in a property between 2-4 units.Plus, make sure you've held the security deposit properly...if it wasn't a special interest-bearing account, there could also be ramifications for that.It may be in your best interest to let those damages go and consider switching to a "move-fee" to avoid the security deposit requirements.

Whatever reasons you come up with could apply to properties that cashflow. 

You can see if you can apply and qualify for a loan through the bank but most banks will follow federal standards and guidelines which allow them to sell the home to Fannie or Freddie if they so desire.

Do you have a CPA that is applying the tax code for your benefit?

However, if it qualifies, you could potentially apply bonus depreciation or Section 179 to write off more of the cost in the first year.You can also partially dispose of the old undepreciated cost.

A degreasing agent needs to be applied, a little scrubbing, and you're done.

Can someone guide me where to apply and obtain a license to build this basement unit to an official unit with its address, electric, and other amenities?

I was under the impression that this regulation only applied to Cleveland homes.