Ac unit would be next to go it is really old but functional Currently the prospected tenant is open to one year minimum lease

*Assuming the basement is finished; does it make a difference in terms of functionality or value to the occupant? 

No sane person is going to lend you money for an asset that is functionally a mobile home beyond the value of what they would lend on a mobile home (which is NOT MUCH) . . . this is because all the value of the property (as you see it) lies in the operations and location of the structure, which is not owned and therefore not guaranteed. 

Yield is a function of risk.

In the short term though, I think this could eat some of the cash flow.My plan B would be to continue to live in the property for more than 1 year if the market continues to be weak and I struggle to increase the rent enough to make the property profitable.Do you think this is a robust plan?

Effectively, it functions as a free cash/out refi. 

If you owned a $1,000,000 property sitting on $100,000 of land, then the building itself would be worth $900k, but that $900k loses functional value each year by was of depreciation and the GOV lets you claim a loss to compensate for that along the way (there are qualification guidelines here that I don't fully understand, so consult a CPA or someone smarter than me for further insight)So, on the basis of depreciation loss alone you've got the potential for a great tax benefit, not to mention that your interest payments and all the other costs of ownership are deductions, it's a killer deal. 

Hi @Michael Kujawa, if your ONLY looking for rent payment collection and you're not thinking of scaling OR using any other functionality, then you're probably best off using Cash or Venmo.  

If the original ones function fine, I would leave them.  

But, I don’t want to own the properties under my name because I want the properties to function like a business and have business expenses that I could deduct at the end of the year.