As long as you rent it out though, you'll have that hanging over your head, that if the city ever finds out they can fine you substantially and possibly force you to rip the unit out of the basement.If you personally wanted to live in the basement again you could try to do that, renting out the other floor(s) but I still think it's a stretch or shell game, and there's really still an illegal unit, you've just changed which one it is.I hope that helps - let me know if you have any other questions!

No reason to hang on to it if it's a money pit.Get it off your books, just sell it.

I watched it hang out on the MLS for several months back in 2010, I got it far below the asking price because it was a family's second home they had purchased for an elderly parent.

If you answer the questions correctly they all of a sudden hang up and never apply. 

Chill hang in there and keep plugging away .

Do I join a top team in the area and learn the ropes or do I hang back?

I never felt comfortable with big sums of money hanging over my head that is why I tend to go towards cash deals, but I am very interested in hearing an update on what you figure out from you running the numbers and your discussions with the private lender!

If new to this, I'd take some time to get the hang of the landlord thing. 

Try hanging a longer coat or dress.

The property must be in an area that is experiencing at least SOME steady appreciation over a period of time -- the amount isn't particularly important, just that there is a positive, easily-documented-through-comps, widely-observable phenomenon happening that appraisers can hang their shingle on.3.