I am putting in an offer on a 5 bedroom mansion-style house and was thinking to finish the basement and add in a weight room.  

Create a database of those listing on Craigslist with all relevant info (price, bedrooms, bathrooms, style, etc.) and be sure to note the contact information for the landlord.  

To further clarify my initial post - I know very little about real estate but I'm hoping that a lot of what I do at work (managing in a team-oriented environment, etc.) will be useful as I go through this process. 

Reading is nice but if you really want to commit, you need to sit down with a mentor and discuss a plan of action that will be suited to your current life style or work schedule.  

Charcoal greys are in style for colors!  

I recently looked briefly at a parcel a newer developer was looking at that could support something like 20 units/ac for 34 total units, but he wanted to do townhouse/duplex style buildings on their own lots.

Rent at 2k, means that this is not a cash-flow oriented property.

I don't recall anyone installing an old style phone line since I have owned the building.

They are condo style apartments which demand more rent in our area. 

However, I see a tremendous opportunity to become "the guy" who specializes in supporting a fantastic hard working / family oriented culture.