I always hear it is important to have multiple exit strategies. I am kind of confused by this, because isn't there only 3 exit strategies?1) Rent2) Sell3) Go BankruptWhat other options are there to get rid of a proper...

Living with your parents is also an advantage you will be able to save the cash, or use it get licensed as an agent. 1 or 2 completed transactions as an agent could possibly generate the 15k you are looking for.In the uncertain business of investing the last thing you want is a 15k liability when you are starting out.

If I was uncertain of exact move in date I would still put in a date it on lease, you can alway adjuste it later but if you want money by the 1st of september I would make it that date regardless. 

After speaking with the assessors office I was able to confirm that it is zoned for multi-family but the unusually low tax amount is due to it being listed as a duplex.

Nor is it unusual for ANY small business to be in the red when first starting out.

something is rather uncertain,, review contract with realtor.. why did you accept a realtor. this is rather a huge commission,, you can list on MLS for rent and yet put no agents fee's paid.. and WHY your friend encouraged you to do this is PUZZLING..  

There are a lot of subtleties depending on neighborhood differences, house styles, specific location issues (busy street, across from something undesirable), unusual layouts, small yard, no garage, structural issues,.... 

Basement bedrooms require 2 egress points; 1 being the backdoor is acceptable and the second is the egress window which is unusual in basements.

@Adam Abdel-Hafez  not sure how you could have not seen homes needing 11k or more in work after the gently living nice tenants get done with them.. our average rehab on a wholesale house is 15 to 30k.. and these homes are from burnt out landlord syndrome  ( which is happening here)... its unusual at that price point in rent though ... its normally the lower end 600 to 700 rents that command this type of rough living. 

Do something unusual, like prepare a credibility package, and that will help.6.