The basement also houses all of the mechanicals usually, so you would be sleeping with the furnace and hot water heater.

You will want the full set of plans: elevations, electrical, mechanical, plumbing, floor plan with signatures and seals.For the mini split, some recommendations: If you're going to use 2 heads (one for living room, one for bedroom), get 2 separate single zone outdoor units (not a multi-zone).

Regardless of which home you buy, you will need to spend some money in upgrades and fun features to maximize rentals.One last note:  I would not put too much of emphasis on a PSF analysis. 

You likely make $200 an hour or more.I personally would not dabble in another activity(beng an agent) where you may not have any experience and start off making less than $20 an hour.Yes, good agents can make more but I am just trying to emphasis the change in your hourly rate.

Just trying to think through the mechanics of how this will actually play out.  

There are definatly some bad contractors out there , jut like any other business , car dealers , flippers who cut corners , mechanics , etc .  

If these are the problems you're having in REI, you're not fit for REI.This is why the cash flow only mechanism of investing will rear it's ugly head.

You seem to be focused on cash flow based on the emphasis placed on the 10 Cap in your pos but you also describe the neighborhood as "shady" which I interpret to be a lower barrier/ at best "C" neighborhood.

To sum up, knowing what is needed for a loan, following local laws, and placing emphasis on being honest and transparent are crucial aspects in real estate deals.Good luck!

It's also critical the current GC and all subs are paid and you obtain lien waivers for the work that was completed to avoid any mechanic lien issues.