I think it's going to be a struggle to classify these ideas with blanket terms.

Once you have them under contract, just post them here under the Classifieds forum.Of course, to do it right you'll need many pics, an outline of any needed repairs, projected ARV with supporting data, etc.

Also, are you trying to classify a cul-de-sac as a class A, class B, class C neighborhood? 

If the city is willing to classify the basement as an apartment, then you should be good to go.

Would you classify this as first hand knowledge or do I need to personally lose money for that to qualify?

Not saying that is the case here, but just be careful to anyone reading this.Also have you posted it here on BP classified?

Hey @Stacy Stilwater, you may want to post this in the classified section of BiggerPockets as well. 

So, if you have no experience this will be a very hard deal 1 to finance.Right away this is classified as an "Heavy" Rehab job which means rates and leverage change. 

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.