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.

It makes sense to try to go in a better neighborhood next time.

He has bought 3 houses in a 18 months and is building a 10 plex which will net him about $250k in 9 month when he refinances it. 

I don’t want to spend a month in a dump.  

But to my surprise same properties are purchased by another with in a few weeks.

This will happen in a market with balanced supply and demand, in a monetary system like the US, with fiat currency targeting 2% inflation.- In some markets, that are growing quickly, with great jobs and lots of inbound migration, this could be a little higher - like 4-5% per year over long time periods as demand outpaces supply.

To fulfill the contract the Seller needed to pay for the survey, which resulted in a size of 1.8 acres. 

It is of course courteous of you to give them lenience, especially in a situation like that, but at the end of the day bills are due And you have to pay them too.

They at one point had a guy working for them that honestly turned us off and we decided NOT to invest at that juncture (he is no longer there)... only to reconnect with the team and began to work with them in a fund closing in early 2022.

If it's in a shared space like a basement that's one thing but if it's in an occupied unit, that is something that may not be allowed in your jurisdiction.