Part of what makes them good salesmen obviously. 

The foundation was noted as good, and the foundation in the basement doesn't show any obvious signs of problems that you might typically see with foundation problems. 

I would suggest to check with your local laws first.Most likely you will need permit ( I guess you can get away without, obviously not suggesting that :D)) but possible) , also check your zoning.If not possible to create separate unit legally, I suggest not putting an oven in the basement, and rent it without, or live in it yourself

It was obvious he valued the upfront fee more than the potential of a real partnership where we could collectively earn substantial profits (hundreds of thousands of dollars vs 10k) in a matter of weeks.

Obviously, rents are very cheap there, but it seems I can find MLS listings that match or come close to the 2% rule.

Most self managers are intimidated by the process and put up with stressful issues like this for years and never take the simple, obvious steps.

Obviously I will have a title search and get title insurance but I assumed they would still be required to fill out a SD but maybe not.

Sorry, done right there because you obviously are clueless and just talking out your arse. 

Obviously you may need to wait until their current lease ends unless they are month to month or unless the existing lease allows you to terminate it because of the sale. 2.

We obviously handle the ones near us in-house, but hiring someone in another market to work one day a month is a bit of an odd task.My guess is that remote property management companies need to have a sort of Swiss-army-knife person in the area that can do many variable tasks for them and works on an hourly basis as there may not always be things to do, but I don't know that for a fact.How do remote/long-distance property management companies overcome the challenges of not being in the area?