Window units, no central air.Rents are on par with the area but updated units are going for close about $1,200 for 1/1 and $1,350 for 2/1.

But it is not a closed option as there are a few that do not have these restrictions.As an alternative, you might want to look into house hacking or buying a single-family home instead.

Close and during closing you get the assignment fee which is the difference between what you got it for and sell the contract for.

The main issue with rental basement is water if it has water issue usually it is a simple fix .Clean gutters ,discharge gutter  water away 10" away from foundation, make sure you foundation soil is slopped away from it .If you need to buy soil get a clay mix .Cut back any tree too close to the foundation look at the drip line that's how far the limbs are out from the tree .If all that is done still has water buy a sump pump  carry the water to day light away from foundation 10" to 15" .

Always double check prepaid rents that get transferred at closing.

Priced too high, rehab estimates too low, and they don't factor in the cost of selling (commissions and closing costs). 

Another almost closed, but thieves stole my water heater not once but twice as well as the furnace to add to my dilemma.

Best to talk to attorneys though because there are implications in terms of interest payments, closing costs, etc.

Quote from @Karen Seguin: Good afternoon, I am currently closing on my first commercial multi-family property and all of the tenants would like to stay and I would like them to stay as well.

This will help direct your search to the right areas, property types and price point.If you're purchasing all-cash, skip that step.Depending on your goal and preferred timeline for closing, the majority of your time should be spent searching for and analyzing deals.Searching: Look at public listing sites; connect with an investor friendly agent and choose 1 to work with who can search MLS and off-market inventory; for additional off-market options, consider growing your own database of wholesalers and homeowners Analyzing: Your agent can send comps and you can also search public listing sites for sold homes.