What other options are there for renting out an unused basement, and how much money and work would it take to repurpose the basement for that use? 

Then with just a couple of k, I might not even buy a book..I have blog on the classics of landlord lit, and they are old and in the library (free) and a bigger pockets blog (by Carson) is up now and has a nice list for beginner investors and those may all be in the library, too, or at least the older editions...that should keep your mind active a few months....then for the future months, just keep learning and saving up for the first property to buy and hold or flip, etc, whatever your chosen strategy...Best of luck 

Once you get your immediate questions resolved, you may also want to look at the larger landlord picture to get some ideas about the future people and property issues you'll  face.I did a short blog on some "classics" of landlord literature for newer landlords you may like.

As an investor and realtor in the local area, I can tell the classic answer to all of your questions, "It depends." -- Occupancy - Varies greatly. 

Hey @Timothy Joseph,I haven't seen that one yet, but it's an instant classic!

Trim - semi gloss painters white Bathrooms - Brook greenBedrooms - elephant skinLiving/Kitchen/Dining - classic silverSometimes I use Statuesque as a third gray color.

As I read your reply I’m realizing that I am your classic case of analysis paralysis.

Hello Fellows,Do you have any suggestion what can I do to repurpose an old 1960's hospital building into ?

Get quick cash for the casino"....HAHAHAHAH CLASSIC!!

Do yourself a BIG favor and read one of Ray Alcorn's classic articles on Due Dilligence in real estate matters.