You might end up spending time managing this and the drama ("my stuff was stolen from my storage").Now, if your plan is to rent the entire basement as one big storage area to just a single party, and there is an outside entrance so that party does not have to be living there - then maybe that could work.

Don't like the Long Lot going backwards, prefer long lots horizontal to the road or roads on multiple sides of the property, for more entrances and splits. 

To prevent a trespasser from gaining property ownership, you can take the following steps: Post "no trespassing" signs and block entrances with gates.

The inspector recommended that a licensed electrician correct the electrical ground in the building.The electric service entrance cable is frayed and deteriorating.

As an example, I have a small bed/bath/closet w/ separate entrance at same location, probably 200 sq ft.

Just doing my part to inform anyone who may be discouraged by your words that if they work hard enough to educate themselves, they don't have to abandon the dream of REI just because they don't meet your personal entrance requirements. 

Hi Warren, I also have a rancher with a studio apartment with its own entrance.

My interpretation is that I couldn’t legally convert it to have separate entrances, but maybe with everyone sharing the space it would be okay.

I renovated the basement to be a completely separate suite from the downstairs, with its own entrance (washer/dryer, bathroom, and kitchen).

There isn't an order of appearance necessarily, other than you need all of them in place before you start investing.RE Agent, Financing, Legal, Rehab crew(s), buyer and seller lists, analysis tools, analysis of market(s) you will be investing in, potential partners (with cash and/or credit), and the two most important things of all....1 - Education on what you are going to be doing...like knowledge of a number of different types of entrance and exit strategies for instance2 - ...an actual Plan for investing.