In the end issuing the 1099 is a simple way to tackle this. 

Big bank will break even on the mortgage to earn your loyalty, cross selling is now a factor. 20% down on a $1m home given the 'normal' sales prices in the area, no one's going to touch the big banks, just be ready to be spammed by for 10 million other financial services you might not need or want.

Are industry professionals seeking customers doing so by paying to be here, or is it spamming? 

A few ways to tackle it, just remember everyone forges their own path:-House hack your way into an multifamily residential property.

Electrician by trade I’ll tackle any task I’m capable of doing.

If you want to tackle this conversation in more depth, please feel free to send me a private message.

Hi Michael,While not super creative, doing all the basic landlording blocking and tackling well helps--keeping vacancies low, turn arounds fast, and maintenance costs down.

@Greg Scott I don't need the income from the property for the renovation, I just haven't done this before and was trying to approach it from one-step-at-a-time, rather than all at once, and I'm trying to figure out a strategy on which unit to tackle first. 

Get comfortable managing tenant relations before tackling a renovation in the basement.Learn on BP about landlording first and the rest possibly later.

Otherwise you're going to find yourself later being short on budget when you're needing to tackle the big ticket items... like when you realize your furnace is in bad shape.