This is good ole’ fashioned free market capitalism at work.

The crack does not create the surface to be uneven so it is not a trip hazard.

LLC's are mostly an REI fashion statement. 

Full renovation of all surfaces.

I realize that on the surface the most practical solution is sticking out my W2, but I'm finding it has been very limiting in terms of the dulling mindset I'm surrounded by (yet I can't listen to podcasts, read, take phone calls, etc), the pay is only average, and love learning new things and have been with this company for a collective 13 years since shortly after college.

I actually ended up having to close the line shortly after establishing it to refi my first loan on the property because they couldn't get a subordinate to request done in a timely fashion.

If it makes more sense as a flip, you could always sell it to a wholesaler or take on the project yourself with an investor in a similar fashion.

I would split the rent with the owner in some fashion.  

Shiv,Basement Water damage caused by surface water or seepage from outside is probably not covered under your Dwelling Fire Policy.   

Others surface when that judgement keeps them from getting that new car, phone, house/apartment.