Prepayment penalties- usually 1-5 year terms.

Depending on the tenant and what their financial situation is, you might also be better off giving them a 60 day notice and just telling them that you're planning to move into the property and do some updating. 30 days is usually too short for someone to have to move on, 60 days is plenty of notice for them to be able to pack and find another place.

Mortgage Liability: Since your name is on the mortgage, removing yourself from liability usually requires the lender’s approval.

If it exist, it's usually on SFH under $180k, and at that point, the profit is so little, it's not worth the headache.I have clients with portfolios of 15+ single families in this range, and to see them pocket $200-300/month is exhausting lol.One maintenance request erases 6 months of cash flow.

It sounds like a trainwreck on paper...and things usually go better on paper than in real life I would suggest saving, increasing your income streams, and learning in the meantime while you save. 

Cities usually don't care if the OWNER lives in the basement, just tenants.You could use the extra income to offset cost of finishing basement and more.

The main issue with rental basement is water if it has water issue usually it is a simple fix .Clean gutters ,discharge gutter  water away 10" away from foundation, make sure you foundation soil is slopped away from it .If you need to buy soil get a clay mix .Cut back any tree too close to the foundation look at the drip line that's how far the limbs are out from the tree .If all that is done still has water buy a sump pump  carry the water to day light away from foundation 10" to 15" .

Hi Suzette- The impact of a new president on the real estate market usually depends on the policies they prioritize…especially regarding housing, taxes, and interest rates.

Many investors wonder why they can't take the first or the next step, but the reason is usually not as related to real estate or analysis paralysis as they think.

You will meet other real estate investors and they are usually willing to share their experience..