Your main issues will be eggress, as usual in a basement.

I’ve received multiple quotes from insurance companies (mainly I would obtain the quotes myself).

That's the only solution and it doesn't require fifteen paragraphs to explain or justify.

Main reason to split the lot would be to maximize the lot for cash flowing rentals.

Water and sewer about 200 yards away.  1 mile to the main highway.  

There are networking opportunities with the group after these meetings as well but it seemed like mainly people in the program and not experienced capital raisers that are there by design (but I could be wrong).  

Do you typically have a separate bank account for each property or do you have one main operating bank account? 

I've flipped 6-8 houses, made good profit on those, and just purchased my first 4-unit multi for mainly cost seg purposes/long-term appreciation. 

We also have a bank account at a smaller Chicago community bank, but there technology isn't as good to be honest.I think @Jonathan Greene's main point is don't step over dollars to pick up pennies. 

The main condition was I had to have the downpayment (20%) first, close the deal, and then execute the owner financed 2nd mortgage.