@John MaThe absolute cheapest thing you could do is paint the window-frame and the plywood in the window olive green (assuming that the window is water-tight, if not ... you can caulk it and then paint everything olive green.

Even if you did, I wonder about egress and accessibility, since it's in the backyardIt's a water tight 800 sq ft. 

Tenants want utility/mud room on concrete floor water tight.

It is also adhered directly via a special caulk/glue to the window frame so even if water got behind the tiles, its all still water tight.

@Megan GreathouseThe limestone foundations in the old Soulard houses are designed to “seep” water; they are not the water tight basements in today’s construction.  

Then you basically put the panels together in order, install the doors, the truss system, sheathing, and boom, a watertight frame.Concept is that you can go from zero to frames in a week or so, instead of several.I have a lot here in the Central Texas area that I'm trying to figure out how to develop and the price point for the area proves to be a little challenging.

Definitely talk to your accountant before you make the move to longer term because there may be tax implications for you.Whatever you do, make sure you have a water tight state-specific lease and if you're in a tenant friendly state, It's best to have a real estate attorney draft it for you.

The operating agreement will have to be watertight.

We install them on most basement sewer lines as well but they are a bit more expensive &/or time consuming for the install.Oatey PVC DWV Backwater ValveProtects low areas and basements from backflow or waste waterTight, waterproof elastomeric seal inside flapperHub fits DWV but can be adapted for sewer and drainHome Depot: $32.09

Basements as you rightly point out can also be problematic, particularly in older homes that may not be as water tight, so if just renting, I see the benefit of avoiding them as well.