Is it a two (2) unit with separate entrances, or is it a SFR with one common entrance and just rented space/rooms?

Weather its two homes on one piece of land, or a finished basement with a separate entrance...im looing at it. 

Location there are certain counties/cities I won't invest in because of distance,  entrance prices or reputations.  

Is this a good entrance strategy?

It was previously a student rental, turned family rental, but the owners are getting out of the industry and retiring.6 students, two separate entrances (3 students each floor).

I can't see either way taking more than an hour on site including writing the bill Joe:Depending on how far the entrance is from the panel, there may be a shutoff in between.

For example, ceiling fans in the master bedroom and family room, improving the curb appeal and the front entrance area, fresh paint, etc.

Conforming bedroom in a basement -1) Proper ceiling height- varies around the country, usually between 6'-10" to more common 7', and this can get complicated if there are any soffited areas of the bedroom ceiling2) Closet- even a minimum size on this, usually 22" deep3) Proper electrical, proper heating requirements - must have a light and a switch located at the entrance, must be able to be heated4) Minimum square footage size of the room, usually 70 sq feet5) Egress - varies wildly in cost due to conditions, half below ground basement, fully below ground, walk out, set backs etc...Like Bill said - consult the local building dept, the codes for egress window wells are super strict, very detailed and can be confusing, they can get very picky, right down to if it needs a ladder the distance the ladder can stick out from the window well wall and then the clearance in front of the ladder to the window.Be very careful talking to anyone about egress windows with wells, this is one of the most screwed up things we continually hear about, and very expensive to fix if done incorrectly

I would keep these in a self directed 401k and pay for property management.I could afford high vacancy rates, remove myself from annoying tenants, and barrier to entrance in this business model is low. 

If so, where is the entrance to the living room from the kitchen?