James - I just finished a complete renovation on a 1100 sf condo (one story though) in San Diego. 

2) is 80/sqf construction cost attainable?

It had a lot of really nice wood finishes inside and out.

A few months after I finished my campaign I got a call from someone who kept my letters and we actually closed a deal.

A nice looking finished basement will go south real quick with moisture and your tenant will soon be displeased (rightfully so) about the nice basement they initially thought they had.See what the market is doing, but also consider what your specific property factors are. 

Of course, YMMV.I would definitely get a good look at the neighborhood around your possbile purchase, and see if you think a nurse would feel comfortable finishing a shift and coming from the hospital to your quadplex alone and in the dark.

Finishing the basement would bring it from four bedrooms to five bedrooms.

The main reason I would like to start off my career with flipping a few properties is so I can have a quick ROI and I want to do real estate full time as soon as I finish my contract.

I went to Federa's website and found SmartBuy DIY where I did by myself every process from start to finish.

I’m currently renovating my first property (purchased as a foreclosure) specifically for a student rental but chose finishes that many people watching from afar have said are “too nice” for a student rental.