I'm no lawyer, but reading that it appears you have right to show the unit as long as proper notice has been given. 

I found that the floor for Federal Hill was about $650 per bedroom near Riverside Park or near the southern end of Federal Hill proper.

@Matt Morgan:It seems to me the hedge funds are executing a calculated investment strategy.

I would be very cautious about hiring contractors that don't have verified licenses, proper insurance coverage, bonds, and are in good standing with the state and all insurance / bonding companies.

If you have a properly priced property you should be able to find tenants in 30 days or less.It is time for a price reduction.

Since you have the liberty to decide on the layout, consider the best placement for the appliances first and what they need for proper ducting, power, water and gas (if applicable).

If there are water issues that's potentially a big expense to fix--possibly you'll need to rip up the entire basement apartment and start again for it to be properly drained. 

Often these two contracts are simultaneously executed in what is referred to as a Lease/Option or Lease with Option to buy.

I don't believe the average Title III or small time investor can afford to properly diversify with automated underwriting. 

If you buy right and do a proper analysis then you can mitigate your risks significantly.