The other big issue is splitting utilities, I need a second furnace installed ... it's not a concrete room with no windows lol It's a fully functional two bedroom apartment with high ceilings, a full kitchen, laundry, 3 piece bathroom etc ..

How about the call that the heater or AC is not functioning.  

The natural next question I have is if I can combine the two?

I invested in the renovations necessary to create an updated and more efficient, functional interior space.

I invested in the renovations necessary to create an updated and more efficient, functional interior space.

I invested in the renovations necessary to create an updated and more efficient, functional interior space.

I invested in the renovations necessary to create an updated and more efficient, functional interior space.

My lesson that I learned from this experience, is to always make sure that a unit functions properly/normally before making it “look pretty” because even if it is very nice, if it does not work, it can potentially be VERY difficult to rent out, even in a market with a heavy rental demand.

Functionality matters.

As a result, these homes have reduced sale and rental values than they otherwise could.So, be sure you are creating a functional space with whatever designation you are going to give to it, and generally the more restrictive classification is going to be the best and highest use to strive for.