If you’re running a MTR more like a STR, then you can decide to charge the full boat as agreed or, if you desire (possibly to obtain a good review) find a substitute renter for the period in question and credit the original renter.If, like me you operate a MTR more like a LTR just for a shorter period of time, you probably use a specific rental form provided by either the state real estate commission of the local NAR affiliate.  

The highest and best meets the first Mon of every month near Ivanhoe, they post about it on IG @highestandbest (it's labeled as a clothing brand for some reason but the events are solid and free)We've bought 150+ units of Multifamily and still own and operate 51 units, we also manage for other owners in Orlando, FL and Jacksonville, FL so if I can be of help feel free to reach out

They operate like a credit card - when you are not using the money you don’t accumulate interest, when you are using the money you accumulate interest and need to make monthly payments.

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" .

Clean the place up, then rent it at market rate to tenants that know how to maintain a home.Any time you have a lease violation, you should follow a simple process.

Seems wise to leverage a smooth program that has been operating and refined over the years. 

Simple rule of thumb is demo, then most inner to most outer, meaning: studs, plumbing/electrical, drywall, etc going to outside, then/together with top to bottom.

King county is not a cheap place to operate.

@Joey Samudio I would definitely recommend visiting the market you're wanting to operate in and more importantly meet the team you'll be working with.

If you’re feeling overwhelmed, consider consulting a local property manager who can help you plan for the deferred maintenance and set up rental operations smoothly.