Be sure to clarify all aspects of the financing and closing costs as well, as these can vary depending on the type of property and deal structure.Finally, while off-market deals can sometimes seem quicker, it’s important not to rush through the process.

Depending on your loan structure I'm not even sure you could legally offer a personal guarantee outside of the loan for that money without committing mortgage fraud, as anything that could hinder the ability of the primary lender to recover their principal is supposed to be declared during their diligence period, and any material changes up to the point of taking the loan are supposed to be disclosed as well.

Depending on these regulations, you might need to maintain a means of exit from the basement unit, such as a separate entrance to the outside, or ensure that the stairs remain accessible but secure.

I think you can resolve this issue by digging beneath the frost line in 4 places beneath the basement floor or crawl depending on which one you have.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Quote from @Maria Eloisa Panciles: It depends on what kind of loan you are aiming for.

Maybe the price is actually justified depending on what they actually did.

You could then get a HELOC/LOC on that paid of property (a product that doesn't require you to use it) and then if you did have a big emergency you had a line to use on it.Now, ALL of this is dependent on how much money you have in the bank, how many properties you have, what your income will be like in retirement, what the standard age would be for your end of life (that's a scary one to think about), and while yes, you can certainly take equity out I just think it would be good to sit down with a financial planner...or even some other investors that are local to you that are around your age demographic and see what they are doing.I'm glad you are thinking about this for sure.  

It's going to depend on the property and the STR and MTR demand.

A lot to me would depend on who had pets, the previous tenant ?