Taking 'effective' action is what you need to do next, find out what your goal really is and work backwards in discovering what you need to do to achieve it.

And kudos to them, if that's your-jam, hey do it! 

You are approaching it the right way with creating a foundation, getting your finances in order and learning about the businessGood luckGino

Do you think we adapt or die or we just brace ourselves for the long-haul?

Bigger Pockets is a great place to learn and connect with fellow investors.If you’re looking to invest in your backyard, it helps to network with as many local investors as you can.

The plan was to do as much as I can myself but with as big of a task as it is, I don’t see myself being able to do everything in a timely manner.

As for use as "finished space", a basement can add SOME value but typically the head height may be lower, it doesn't have large windows etc.

Is there any filing that we should do accordingly?

For those unfamiliar, it’s where multiple investors co-own a property, outsource property management & share rental income and appreciation.For those with experience, I’d love to hear your thoughts:What’s worked best for you?

You don't want to flip cheap houses so much as you want to buy them cheap in nice areas where you aren't going to have trouble unloading them once the product is finished.