I think LLCs are over rated unless you have to hold the property in one for financing like most DSCR lenders will require.

Definitely go the legal route here, don't rent out the basement unless you have the OK from the relevant authorities--it's regulated for a reason (fire safety, carbon monoxide poisoning, etc.) and your insurance will not have your back if something goes wrong.

There is plenty of good turnkey properties on the MLS for sale that would cashflow using the 1% rule and you wont have to overpay for them on a "promise".

I was hoping to get other owners to join me in protest but no one seems interested. 

Unfortunately @Gloria C. this happened to you. 

Can be a good strategy, but my understanding is BRRRR is generally dependent on refinancing and pulling back that cash invested to repeat the next one

First step would be to talk to the controlling government body about what you can do with it.

Do you intend to purchase additional properties?

Hello,I'm looking for guidance on how to determine fair rents for a commercial property with two tenants.

Welcome to BiggerPockets Seif and good luck investing!