However, your desire to renovate, or the current owner's desire to sell the property, does not supersede the tenants' rights under the lease agreement, and you inherit the terms of that lease when you buy the property.If the lease does not include the use of the basement and the garage, the owner (or you after you close) can petition the tenants to remove all of their belongings from those areas, but the tenant would presumably have the right to comply and thereby not compromise their continued rights to the first floor (basically, a lease violation that is curable, if cured, is no longer grounds for eviction). 

You need to be able to buy and renovate for 65-70% of market value.

My brother and I are 2 weeks away from completely renovating our first rental property in Petersburg, Virginia.

As far as buying turn key or finding something that is rent ready, I would say that as long as you are not paying over market value for a turn key (which you shouldn't have to), you're going to be better off with a true turn key property that has been well renovated.

I've also noticed he's (HOA president) doing extensive home renovation on his unit.

This is normally done by renovating, increasing rent and thus increasing the value of the property.

I have a deal with 8 single family houses that are all in a continuous area, but each house has its own title.Does anyone know if we can package them together and use a Fannie Mae multifamily loan to refinance them after we have renovated them?

You can also give them a reason such as "I'm the new owner and I want to renovate all the units starting with yours".

I have seen renovation loans close in 30 days if that's quick enough for a wholesaler not sure.

But what about a HomeStyle Renovation (HSR) mortgage (https://www.fanniemae.com/singlefamily/homestyle-renovation)?