Was a drug addict but allegedly clean for 5 years.

If the background check and credit check come back clean, then I approve the tenant and walk them through setting up online payments.

Keep in mind the foundation is not the only issue, when there is foundation issues there is usually other internal issues that go along with it, (wall separation, Possible broken pipes, floors etc) so give yourself plenty of wiggle room for repairs.

The disadvantages in my opinion are the meeting and greeting and cleaning up after people. there is more management involved and what would happen to your profits if you hired the duty out? 

There is a high cost to renovating a non-restaurant space into a kitchen, especially if you need everything like grills, hood vents, walk-in coolers and grease traps in floors, not to mention the utilities to service all of the above.

Your only option now is to come up with the money to buy the place or come clean and admit everything to the owner.

However, if you are doing cosmetic renovations (paint, floors, countertops, etc) you do not need any forms...just keep track of your spend to share with your tax guy at the end of the year. 

I would be focusing on cleaning up bookkeeping, communication portal with client, vendor list management, payment processing, etc. 

The building has two units per floor with the top floor vacant.

Most basements get water in them at some point in my experience and I see “inadequate drainage”, “negative grading”, “recommend extending downspouts” etc. on most inspection reports.We had a property with a humid crawl space basement and set up a dehumidifier with a hose coming from it to a floor drain so that we didn’t have to keep emptying it’s tank all the time.