I was curious if any of you have experience with laying it on a cement floor in a basement apartment.

The house has already had the wiring stripped out, garage door stolen, A/C stripped, and lots of other miscellaneous vandalism such as rocks through the windows, garbage dumped there by illegal contractors looking to unload carpeting, cement, etc.I hopped in my truck and drove out there.

Ripping open walls to inspect electrical, tearing up cement floors to inspect plumbing, requireing the whole building to come up to current code?

They layout consist of kitchen dinning room living room big bathroom with only a shower and one bedroom with walking closet. oh and a half of basement rest is a crawl space, which is all cemented and clean.The way the layout is you could not make the dining room a second bedroom, would have to add a hallway, I think it would chop up the house.

What's the sub floor made out of wood or cement?

From a construction perspective, I would recommend a Hardiplank siding or its equivalent (fiber cement, etc.) for tenant situations if you are going with traditional siding.

Two have been sold to pay for completely replacing most of the cement at the complex and doing other needed work, and two more are in reserve for the day when roofs or sewers need to be replaced or something else major that might not covered by the standard 10% of dues reserve set aside.It is an important point that you bring up though. 

My property had rotting exterior wood siding so we decided to renovate the exterior of the house with fiber cement board as well as install new front door and new wood on the front porch and rear stairs bringing the exterior in line with the other rehabbed properties.  

It could be asbestos-cement, or wood coated with lead-based paint.

Ben Siegelbaum I have 3 places built 1910-1920 and they are solid structures with full cement basements.