I highly doubt you can get the basement turned into a livable space.

Most experienced bankers would be very hesitant to give large loans to novice investors anyway, especially in the commercial space.

I'd also wonder what the costs were estimated to install things like insulation, kitchenette, removing/adding doors, etc would cost and how fast you could make up the initial investment in rents.Then of course you'd have to consider if your family will be able to handle giving up the storage space LOL

@Russell Brazil My initial intention was to occupy the space and make it my permanent residence, however my fathers health deteriorated shortly after I made the purchase, which is why I made the decision to stay with my parents and try and rent the apartment out, rather then sell and take a loss.

In the apartment space, it is common to charge more if a tenant goes month-to-month.     

I always watch the properties that have the same floor plan in my neighbor hood and when they rent and for how much to know what my floorplan is going for.There are many other ways but i tend to find if you cross reference 2 or 3 of the above and are getting around the same number that is going to be the market rent.Hope this helps,Nick Leamon

If it is off Cahalan you are talking about 3/2/1400 ish, 1-2 car garge you can get ~$2700 assuming newer kitchen and newer bath, new flooring. 

It's a nice 3BR1BA house which needs no major repairs and could use cosmetic upgrades such as paint, flooring, landscaping, appliance and cabinet upgrades possibly (which I will all be doing myself while living there).

Depends on budget, timeline, how the house is built/laid out but I'd lean towards a double vanity as you have enough space there.

I don't have capital to invest, so the next step for me is to connect with others in this space with offers to help so that I can learn.Good luck to all of us here on BP!