You can open a business bank account, sign contracts, and handle expenses under the company’s name, keeping everything clean and organized.

My AC unit has another 3-5 years before it’ll need to be replaced so I’m thinking this may be a clean exit before large big ticket items start needing attention in the next 5 years.

You think through the major systems in the house (roof, exterior or tuck pointing, hvac, plumbing, electrical, unit turns, common areas) and if they are all new you should be good for a few years (5-10). 

For example, focus on demo and structural work in month 1, plumbing and electrical in month 2, and finishing (flooring, paint, etc.) in month 3.

@Fahima Hilal an architect usually only outlines mechanicals, plumbing & electrical on their blueprints.Your contracts should be creating appropriate drawings showing where their stuff would go and submit to city with their permit application.

It is difficult to recapture the electrical savings from the tenants. 

, hvac/electrical/sprinkler/ADA/etc., landscaping/signage, plumbing, google pin ownership, are there any major capex items, etc4.

The main issue with rental basement is water if it has water issue usually it is a simple fix .Clean gutters ,discharge gutter  water away 10" away from foundation, make sure you foundation soil is slopped away from it .If you need to buy soil get a clay mix .Cut back any tree too close to the foundation look at the drip line that's how far the limbs are out from the tree .If all that is done still has water buy a sump pump  carry the water to day light away from foundation 10" to 15" .

Lawn, snow, electric, gas, water ???

b) I was initially thinking short-term rental, which is where that surge of requests came from but it feels like a lot of work as I would be doing the turns/cleaning for most part so what are the pros-cons of mid-term?