In the basement [no windows area] how about a "mini home gym" with a [used] elliptical, mirrors on walls, gym mats, kettle balls, pull up bar, etc?

You put it under contract and then in your contract it states that you have the right to sell or option depending on your wording to another buyer for a fee.The problem with a lot of the dealing that is going on now is that because of the economy you have novice and even seasoned investors, who are financially strapped for CASH and now they are all competing against themselves and also against the real estate agents.

Does the water heater work and strapped?

Hey Paula Matli welcome to BiggerPockets!

." - famous BP mantra... we don't end up as desperate, cash strapped slum lords on the back end of the deals.

My main concern is that you are seriously considering a borderline deal that will leave you cash-strapped and at great risk if anything goes wrong.

Aah, just saw Mat's post from a fifteen minutes ago; yes, don't forget to deduct the anticipated repair costs from the averaged comps BEFORE dividing by 65%!  

Rubber mats, like a gym can work too.

This very issue was discussed recently on the podcast "Refresh your wealth radio show" Mat Sorensen is the expert on these issues with SDIRAs .

Back then Shaw was sketchy and had nightly gun fire, and today it's hip filled with 20 somethings carrying around yoga mats and starring into their phones.