Take in-place leases and expenses, forecast stabilized rents and expenses, understand the financing requirements (LTV, DSCR, reserves, net worth, liquidity covenants, etc).  

So many houses have HOAs or even covenants. 

It would still be shown on your Schedule E, yes?  

This type of structure hides your ownership from the public eye, thereby prevent potential lawsuits."

It also can get challenging to set a price now to possibly buy in the future that the owner and you will feel is fair (with markets still appreciating at a healthy pace).You can also keep your eyes open for a seller willing and able to do a land contract with you (but there usually would want much more money down and likely want a full pay off in a few years, but can see what you can negotiate on terms).I agree nothing illegal about options/option fees in WI to my knowledge, but generally seem much less frequently used in single residential transactions than commercial transactions where due diligence and closing timelines may be very drawn out.

With fire damage, it can be difficult for an untrained eye (and I'm in that category!)

We have been keeping our eyes and ears out there for the past year.

We have been keeping our eyes and ears out there for the past year.

NOT a Quitclaim Deed, because Quitclaim Deeds do not fully warrant the rights and covenants of property as does a Grant and/or Warranty (or equivalent depending on state) does. 

IMO you really can't generically ballpark a basement remodel because there's just so many moving parts you need to put eyes on first.